McLaren Racing CEO Zak Brown has sent a formal governance letter to FIA President Mohammed Ben Sulayem requesting rule changes that would prevent common ownership structures across Formula 1 teams. The letter arrives as private equity shops and sovereign wealth funds circle the sport with portfolio strategies that could reshape how the grid's ten franchises operate.
Brown's timing matters. Formula 1's enterprise value crossed $21 billion when Liberty Media restructured the tracking stock in August. Team valuations followed: Williams sold at $730 million in 2022, Alpine carries whispers of a $900 million floor, and Andretti's rejected entry bid reportedly penciled a $600 million anti-dilution payment to existing teams. As franchise values climb, institutional buyers now see F1 teams the way they view Premier League clubs or NBA franchises—assets that scale better in pairs.
The current Concorde Agreement, signed through 2030, contains no explicit prohibition on shared ownership between teams. Red Bull already operates two entries under different legal entities: Oracle Red Bull Racing and Visa Cash App RB (formerly AlphaTauri). That structure predates the 2021 Concorde and remains grandfathered, but Brown's concern isn't historical anomaly—it's forward creep. If a Saudi PIF or a Temasek decides two teams offer better paddock positioning than one, the existing rulebook provides no clean block.
The commercial risk for McLaren is direct. The team sits fourth in constructor standings, which determines its $140 million annual prize fund allocation, and relies on sponsor categories where exclusivity commands premium rates. Cisco pays $30 million per year for technology partner branding; that deal assumes McLaren is the only team in its stable. If a rival portfolio owner splits marketing inventory across two garages, rate cards collapse. Brown runs a team that turned $12 million EBITDA in 2023 on $340 million revenue—margin compression from sponsor commoditization isn't theoretical risk, it's next year's budget.
Brown's letter also surfaces tension between F1's American growth and European team culture. Liberty Media headquarters sits in Englewood, Colorado; Greg Maffei, its outgoing CEO, spent a career structuring multi-asset portfolios. The NBA permits cross-ownership (Joe Tsai owns Nets and Liberty), and private equity now holds minority stakes in 30 of 32 NFL franchises. Brown is asking the FIA to reject that model before it arrives. His letter implies he expects someone to try.
The FIA has three procedural windows. It can amend technical or sporting regulations unilaterally with 70 days' notice, but ownership rules require unanimous team consent under the current Concorde or a new negotiation when the agreement expires in 2030. Brown is filing now because the next Concorde talks begin informally in early 2027, and the FIA traditionally solicits team input 18 months before expiration. If common ownership becomes a bargaining chip in 2027, it's harder to remove than if the FIA declares it prohibited in 2025.
Meanwhile, Disney's expanded F1 Academy partnership, announced this week ahead of the Shanghai Grand Prix, shows how the paddock's commercial layers multiply. Disney Consumer Products now covers both the main series and F1's junior category, a structure that mirrors how multi-team portfolios would exploit shared sponsor relationships. That deal isn't ownership overlap, but it previews the bundling logic Brown wants to prevent.
Watch three threads. First, whether other team principals—particularly Toto Wolff at Mercedes or Fred Vasseur at Ferrari—publicly endorse Brown's position. Second, if the FIA issues a formal response before the Miami Grand Prix in early May, when team principals gather for the next Strategy Group meeting. Third, whether any announced team sale processes in the next six months (Alpine and Williams both carry quiet sale rumors) include multiple bidders proposing two-team structures. If they do, Brown's letter shifts from preventive memo to active defense.
The takeaway
Brown wants the FIA to ban multi-team ownership before institutional buyers treat F1 franchises like NBA portfolio plays.
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