McLaren Racing CEO Zak Brown sent a formal letter to the FIA requesting rule changes that would prohibit any future common ownership arrangements between Formula 1 teams. The move targets a governance gap that allows shareholders to hold stakes in multiple constructors, a structure Brown argues undermines competitive integrity as franchise valuations climb past $1 billion and private equity circles the grid.
The letter did not name specific ownership groups, but the timing is precise. Red Bull Racing and AlphaTauri operate under the same parent company. LVMH executive chairman Bernard Arnault's family office holds positions in both Alpine and a reported interest in a second team through separate investment vehicles. Dorilton Capital, which bought Williams in 2020 for approximately $200 million, has explored co-investment opportunities with other sovereign wealth funds eyeing expansion slots. Brown's letter arrives weeks after Liberty Media floated the idea of an 11th team on the grid, a conversation that immediately surfaced questions about crossover ownership and whether the FIA's existing conflict-of-interest framework could handle multi-franchise operators.
The commercial stakes are simple. Formula 1 distributes roughly $1.15 billion annually in prize money across ten teams, with payouts tiered by finishing position and legacy bonuses. A shareholder with positions in two teams has structural incentive to optimize portfolio returns rather than maximize individual constructor performance. Brown's argument is that the sport cannot maintain credibility with sponsors, broadcasters, or fans if race outcomes carry even the perception of portfolio management. McLaren signed a $300 million Google Cloud partnership in 2022 and negotiated its deal under the premise that every Sunday is a zero-sum competition. That premise unravels if ownership structures allow for coordinated resource allocation or driver development pipelines that favor one team over another.
Brown's letter also functions as preemptive lobbying. The FIA is expected to finalize regulations for potential grid expansion by mid-2025, and the governing body's current rulebook does not explicitly prohibit cross-team ownership. The Concorde Agreement, which governs commercial terms through 2025, requires unanimous team approval for certain governance changes but leaves technical rule amendments to the FIA's discretion. Brown is betting that a pre-emptive rule change is easier to pass now than a retroactive ban after a consortium buys two seats. His timing suggests he knows which family offices are structuring bids.
The counterargument is already forming in Maranello and Milton Keynes. Red Bull's dual-team model has existed since 2006, and the company argues that AlphaTauri operates as a legitimate driver development platform with separate management, budgets, and commercial strategies. Ford's $350 million engine partnership with Red Bull Powertrains, announced in 2023, treats Red Bull and AlphaTauri as distinct entities with no overlap in powertrain IP or sponsorship conflicts. Banning multi-team ownership retroactively could force divestitures that destabilize existing partnerships and spook incoming investors who view F1 as a portfolio asset class, not a single-team bet.
Watch the FIA's next World Motor Sport Council meeting in June 2025, where rule amendment proposals are typically reviewed. If Brown's letter gains traction, expect early signals in the form of working group appointments or draft language leaks. Also watch Andretti Global's renewed expansion bid. The American outfit, which was denied entry in 2023, would benefit from a cleaner ownership framework that eliminates consortium competition. Brown's letter strengthens Andretti's case that the grid needs independent operators, not financial holding structures.
The letter is dated three days after McLaren's $650 million sponsorship revenue year was confirmed in filings, the highest of any team outside Red Bull. Brown is writing from leverage, not fear.
The takeaway
Brown's FIA letter aims to close multi-team ownership loophole before grid expansion finalizes, protecting McLaren's **$650M** sponsor model from portfolio-managed competition.
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