RAB Capital has picked up a majority stake in A1 Grand Prix, an upstart competitor to Formula 1 racing, from Sheikh Maktoum Hasher Maktoum al Maktoum of Dubai’s ruling family. The Sheikh had announced his intention to step down as chairman of A1 in September ahead of a planned flotation. No financial details on the stake sale were disclosed, although weekend reports put the size of the holding at 80 per cent and its value at £100m.
The new motor racing series was begun two years ago, initially with the intention of filling the European winter months at the end of the traditional Formula 1 season. With single specification cars, teams are organised along country lines rather than manufacturers.
According to a statement on the A1GP website, RAB has purchased the holding through its RAB Special Situations hedge fund.