Audi raises McLaren offer to $718M to enter Formula One.

Audi Reportedly Ready to Cast F1 Lot with McLaren - Opera News

Audi has reportedly raised its offer to buy a stake in McLaren’s Formula 1 unit from $495 million to $718 million.

McLaren and Audi are expected to sign a letter of intent, while a supervisory board will meet to discuss details of the deal later this month.

Audi’s parent company, Volkswagen AG expressed interest in acquiring McLaren last year as a way to tap into the booming Formula 1 business.

Formula 1 reported $787 million in revenue in Q4 2021, a 62% increase year-over-year, with viewership reaching 1.55 billion last season.

Volkswagen could separately acquire a stake in McLaren’s road car division, McLaren Automotive.

Porsche, one of Volkswagen’s 12 car companies and brands, is also pursuing a partnership with Formula 1 team Red Bull Racing.
Volkswagen’s interest comes on the heels of a joint development project between McLaren and German carmaker BMW. McLaren and BMW signed a memorandum of understanding on March 24 that will see the two brands develop an architecture for electric sports cars.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.