Audi F1 CEO tries to turn also-ran legacy team into a winner

[MIAMI] Audi’s Formula 1 (F1) boss said that entering the sport via a legacy team has proved more difficult than starting with a clean slate, as the German carmaker runs up against more established rivals.

“The challenge is to transform what was a former private small team into a winning team,” said Mattia Binotto, chief executive officer and team principal of the Audi Revolut F1 team, at an event in Miami ahead of the city’s grand prix on Sunday (May 3).

“Sometimes it’s even more difficult than starting from scratch, because then you are a small team with the wrong culture, the wrong mindset.”

Audi took a majority stake in Sauber Motorsport in 2024 and full control of the team for the current season. It currently sits eighth in the Constructors’ Championship with two points after three races, underscoring the steep learning curve to take on the likes of Ferrari, McLaren and current leader Mercedes.

Growing in popularity

“F1 is the pinnacle of the motorsports,” Binotto noted. “It’s a different league, the cars are different animals and the complexity are certainly a lot higher. The challenge now is the most difficult for Audi, and we want to win.”

To help fund the F1 venture, Audi secured equity investment from the Qatar Investment Authority in 2024. The company is open to selling another stake in the team in the future, said Gernot Dollner, the chief executive officer of Volkswagen’s Audi division, in an earlier interview with Bloomberg.

Audi joined F1 with the sport growing in popularity, helped by the success of the Netflix series Formula 1: Drive to Survive. The company is betting that visibility in F1 will attract more women and younger customers for its cars. 

The buzz around the sport is also drawing investors. The Mercedes F1 team sold a stake at a roughly US$6 billion valuation last year, while current champion McLaren was valued at more than US$4 billion.

Binotto said that the races in Miami, and later in the season in Las Vegas and Austin, Texas, are vital for Audi to perform given the size of the United States market.

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The F1 circuit resumes this weekend after a hiatus in April, when races in Bahrain and Saudi Arabia were called off due to the conflict in the Middle East.

“Expectations need to be managed,” Binotto said. “If you look at the start of our season, it has been OK fighting in the midfield. Big competitors are doing worse than us.”

Getting it wrong in F1 is easy, he added.

Unlike the majority of F1 teams, Audi is based in Switzerland, where Binotto said that salaries are higher than in the United Kingdom and Italy. For the first edition of Audi’s engineering academy, it had over 6,000 applications for six engineer positions.

Up in the air

Meanwhile, In the midst of a disappointing season as an Aston Martin driver, Fernando Alonso is not in any hurry to make a decision on his F1 future.

The two-time F1 series champion (2005-06), racing in his 23rd season at the top level of competition, remains up in the air about the future of his Aston Martin contract, which expires at the end of this season.

“I’m not sure,” Alonso said on Thursday ahead of this weekend’s race in Miami when asked about his future. “I’m open to everything. I think until probably after the summer break I will not really sit down with the team and make the decision. We need to see also how the car improves and how we see things into next year. I’m very relaxed.”

The 44-year-old Spaniard finished fourth in his first season with Aston Martin in 2023 followed by ninth and 10th the last two seasons. Car troubles have prevented him from finishing two of the first three Grand Prix of this season, hurtling him down to 21st in the driver standings.

“We have a tough start to the season, but we are all embracing this challenge,” Alonso said. “We are together on this, Aston Martin and Honda. Hopefully, we can see some results and start having fun on the weekends.”

He has won 32 career F1 races, but none since 2013.

While Alonso sounded uncertain about his future racing in F1, he made it clear that exit wouldn’t mean he’s done driving competitively.

“I will continue racing. If it’s not F1, I will do Dakar (Rally),” Alonso shared. “I said many times it’s a challenge that I want to take, winning endurance racing, F1 and rally. That will probably be unprecedented for any racing driver in the past, so it’s something that is very appealing.”

Alonso previously didn’t race in F1 during 2019 and 2020. He twice won the 24 Hours of Le Mans (2018, 2019) and also won a World Endurance championship.

Regardless of whether he returns to drive for Aston Martin in F1 in 2027, Alonso also added that he plans to be around the team.

“I will keep active even if I stop F1. I’m also linked with this team, with this project. I want to succeed here, behind the wheel or not behind the wheel, you will see me in the paddock even if I stop racing,” he said. BLOOMBERG, REUTERS