Mercedes driver Nico Rosberg seen during the Austrian Formula One Grand Prix on June 21, 2015.
Joe Klamar—AFP/Getty Images
June 24, 2015 6:36 AM EDT

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.

[Financial Times]

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