The owner of the Miami Dolphins has teamed up with the Persian Gulf state of Qatar to buy a controlling stake in Formula 1 motor racing, the Financial Times reports.
RSE Ventures, which was founded by Dolphins owner Stephen Ross, is aiming to buy 35.5% of the Formula 1 franchise from CVC Capital Partners. The bid is backed by Qatar Sports Investments, an investment arm of the state of Qatar, which also owns the Paris St Germain soccer club.
Formula 1 motor racing is very popular around the world but not in the United States, which means investors believe it still has great potential to grow and compete with the U.S. Nascar racing series.
More Must-Reads from TIME
- Inside Elon Musk’s War on Washington
- Meet the 2025 Women of the Year
- The Harsh Truth About Disability Inclusion
- Why Do More Young Adults Have Cancer?
- Colman Domingo Leads With Radical Love
- How to Get Better at Doing Things Alone
- Cecily Strong on Goober the Clown
- Column: The Rise of America’s Broligarchy
Contact us at letters@time.com