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
- Why Trump’s Message Worked on Latino Men
- What Trump’s Win Could Mean for Housing
- The 100 Must-Read Books of 2024
- Sleep Doctors Share the 1 Tip That’s Changed Their Lives
- Column: Let’s Bring Back Romance
- What It’s Like to Have Long COVID As a Kid
- FX’s Say Nothing Is the Must-Watch Political Thriller of 2024
- Merle Bombardieri Is Helping People Make the Baby Decision
Contact us at letters@time.com