McLaren Racing CEO Zak Brown sent a formal letter to FIA President Mohammed Ben Sulayem pressing for explicit rules banning common ownership of multiple Formula 1 teams. The letter surfaced three months before the 2026 power unit regulation takes effect, when Ford enters via Red Bull and Audi arrives through a restructured Sauber stake.
Brown's argument centers on competitive integrity. Formula 1's Concorde Agreement permits up to 10 constructor entries. Current ownership structures already blur: Red Bull operates two teams under one parent company, though sporting regulations require separate technical operations. Brown wants the FIA to codify that no entity may hold controlling interest in more than one constructor, closing what he characterizes as a structural vulnerability before capital allocation patterns shift.
The timing matters. Andretti Global spent 18 months pursuing an 11th grid slot before FOM and the existing teams blocked expansion in January 2024. Liberty Media's stated reason: dilution of the $1.1 billion annual prize fund among more entries without corresponding revenue growth. That rejection left one pathway for new entrants—buying an existing team. Audi took it, acquiring a reported 75% stake in Sauber for an undisclosed sum believed to be north of $500 million. Ford chose a hybrid model, badging Red Bull Powertrains engines without equity.
Brown's concern is the next transaction. If a hedge fund, sovereign wealth vehicle, or sports conglomerate decides two teams generate better portfolio returns than one—buying operational control over, say, Williams and Haas—current FIA statutes don't clearly forbid it. The Concorde Agreement governs revenue distribution and commercial rights. The FIA's International Sporting Code governs competition. Neither explicitly prohibits cross-team ownership beyond Red Bull's grandfathered structure, which predates Liberty Media's 2017 acquisition of F1's commercial rights.
McLaren's revenue model makes Brown's position predictable. The team generates approximately $340 million annually from sponsorships, including $30 million from Google Chrome, $25 million from Coca-Cola, and escalating payments from OKX. Those deals price McLaren's independent brand equity. If a holding company owned McLaren and another midfield team, sponsor activation becomes complicated—does OKX get trackside signage at two garages, and does that dilute or amplify value? More directly, if two teams share an owner, engineers compare notes over lunch, no matter what the sporting code says.
The Red Bull precedent complicates Brown's case. Red Bull Racing and AlphaTauri (formerly Toro Rosso, recently rebranded RB) have operated under Red Bull GmbH ownership since 2006. The FIA imposed technical separation requirements: distinct design offices, separate aero development, independent personnel. But driver movement between the teams remains fluid—Yuki Tsunoda and Daniel Ricciardo cycled through RB as Red Bull's talent pipeline. That structure already functions as a competitive advantage, giving Red Bull two data streams and twice the operational learning.
Brown's letter doesn't call for retroactive action against Red Bull. It asks the FIA to declare that arrangement the ceiling, not a template. The practical target is speculative: a scenario where Saudi Arabia's Public Investment Fund, already invested in multiple sports properties, decides Formula 1 returns improve with two constructor entries instead of one. Or where Bahrain's Mumtalakat, which owns McLaren's 56% stake through its holding structure, explores acquiring Haas or Alpine if those teams' owners seek exits.
The FIA's response will clarify whether franchise scarcity—Formula 1's core asset-value driver—remains protected by governance or merely by convention. Team valuations have grown 340% since Liberty Media took control, with Aston Martin valued near $1.3 billion after Lawrence Stroll's investment and Williams approaching $700 million despite finishing ninth in constructors. Those multiples assume exclusivity. Allowing portfolio ownership collapses that assumption.
Watch the FIA World Motor Sport Council meeting in June, where statutes typically receive updates. If the governing body declines to formalize Brown's request, the leverage shifts to the 2026 Concorde renegotiation window. Teams can embed ownership restrictions in the commercial agreement if the sporting code won't. Brown's letter likely serves both processes—shaping FIA rules now, positioning McLaren's demands later.
Ford's engine partnership with Red Bull begins dyno testing in eight weeks at Milton Keynes. Audi's Sauber takeover closes operationally in January 2026. Between now and then, Formula 1 must decide whether its governance prevents concentrated ownership or just hopes it doesn't happen.
The takeaway
Brown's letter preempts multi-team ownership before capital structures shift—FIA response by June defines franchise scarcity rules.
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