Audi Offers 650 Million Euros To McLaren For A Stake In Its F1 Team: Report

Audi has raised its offer from 450 million Euros to 650 million Euros ($718 million) to buy a stake in the British outfit's Formula 1 team.

By Mihir Barve

1 mins read

Published on April 5, 2022

Highlights

The Volkswagen group has been trying to enter Formula 1 over the past few years via its brands Audi and Porsche, but the group has probably never been closer to a potential F1 entry until now. According to a report by Germany's Automobilwoche, Audi has raised its offer from €450 million to €650 million ($718 million) to buy a stake in the British outfit's Formula 1 team. The report also says that Audi could go after the McLaren sports car brand itself in a second step. Also Read: VW To Give Green Light For Audi, Porsche To Enter F1 - Report Volkswagen is using 2 of its brands, Porsche and Audi to try and enter the Formula 1 circus with Red Bull and Mclaren teams. Also Read: F1: Audi To Acquire McLaren Rumours Prop Up Again Automobilwoche also reported that McLaren is holding talks with BMW to jointly develop architecture for electric sports cars and has signed an MOU with the Munich based automaker, but the agreement isn't binding and could be voided if the deal with Audi goes ahead. Founded in 1963 by New Zealander Bruce Mclaren, Mclaren Racing is the second oldest and second most successful team behind Ferrari. The British team is based in Woking, and has won 183 Grands Prix, 12 drivers' championships, and 8 constructors' championships in Formula 1. The team has had multiple greats of the racing world race for them, including champions like Ayrton Senna, Mika Hakkinen, James Hunt, Alain Prost, Niki Lauda, and even Lewis Hamilton, to name a few. Ayrton Senna driving the Mclaren MP4/5 in the 1989 Monaco GP. Also Read: Audi Close To Joining F1 With Red Bull, McLaren Could Partner With Porsche Volkswagen group's Porsche is also eyeing a deal with Red Bull F1 team to enter Formula 1. Red Bull just saw an end to its partnership with Honda at the close of the last season, and is currently making its own engines under 'Red Bull Powertrains' (RBP). While the two brands have never partnered before in F1, they have been in partnership in WRX. Source: Automobilwoche