MANAMA, Bahrain – Saudi Arabia could soon make a move into Formula One ownership, according to Prince Khalid bin Sultan al-Abdullah al-Faisal, chairman of the kingdom’s automobile and motorcycle federation.

Speaking ahead of this weekend’s Saudi Arabian Grand Prix in Jeddah, the prince expressed the country’s growing interest in acquiring a Formula One team, adding that the momentum surrounding the sport’s expansion makes such a move increasingly likely.

“It could happen, it could happen soon if you see the growth [of the sport],” Prince Khalid stated during a video call with reporters.

He emphasized that the purchase of a Formula One team would be viewed as a profitable venture, particularly if the Saudi Public Investment Fund (PIF) were to make the investment.

“Formula One is reaching new markets, sales are globally increasing,” Prince Khalid explained. “If you are going to buy a Formula One team, people will buy it to make money out of it.”

He also noted that the kingdom has already made significant strides in its involvement with the sport, hosting races, sponsoring teams, and forging partnerships with major players in the F1 world.

Saudi Arabia’s ties to Formula One have deepened in recent years, with the kingdom hosting its first Grand Prix in 2021. Moreover, state-owned energy giant Aramco has become a global partner of Formula One and serves as the title sponsor of the Aston Martin team.

The PIF has also made a notable investment in McLaren, acquiring a 20.5% stake in the luxury carmaker, though this is separate from the team itself, which is controlled by Canadian billionaire Lawrence Stroll.

Aston Martin, the carmaker, announced last month plans to raise more than £125 million ($163.5 million) in funds from the sale of its stake in the F1 team. The sale of this stake is being managed by investment bank Raine Group, which is also assisting in finding a buyer for the holding.

There has been ongoing speculation about the future of the Renault-owned Alpine team, with the French carmaker insisting that it has no intention to sell, despite the buzz around potential new ownership.

Prince Khalid indicated that while it is unclear which team might be a target for Saudi ownership, the idea of a Saudi-backed F1 team is growing more plausible. Other Middle Eastern countries with a strong presence in Formula One also have significant financial stakes in the sport.

Qatar Investment Authority (QIA) holds a substantial minority stake in Audi’s upcoming F1 team, set to debut in 2026, while Bahrain’s sovereign wealth fund, Mumtalakat, is a key shareholder in McLaren. Additionally, Abu Dhabi’s CYVN Holdings recently acquired McLaren Automotive.

Critics have accused Saudi Arabia of using its increasing involvement in global sports to engage in “sportswashing” to deflect attention from its human rights record.

However, the kingdom strongly denies these accusations, maintaining that it uses sports to enhance its global standing and to create economic opportunities.

Formula One has seen a surge in popularity in the Middle East, particularly among younger female fans. According to Nielsen Sports, this demographic is the fastest-growing globally, reflecting the broader appeal of the sport in the region.

With four of the 24 F1 races hosted in the Middle East, Saudi Arabia’s potential entry into the ownership of a team would further cement the region’s influence in the sport.

Prince Khalid, for one, is excited by the prospect of Saudi involvement in Formula One ownership. “Personally, I would like to see a Saudi team,” he said, adding that any investment should be made in a thoughtful and successful way. “It’s a tricky question, but why not?