Max Verstappen's name is circulating in paddock conversations about potential team ownership, according to claims from sources close to Formula 1's commercial structure. The talk arrives as McLaren CEO Zak Brown writes to FIA President Mohammed Ben Sulayem requesting explicit rule changes to close loopholes that currently permit certain common ownership arrangements across multiple teams.
Brown's letter, dated within the past week, does not name Verstappen but calls for eliminating "any future common team ownership structures" that might allow a party to hold stakes in more than one constructor. The FIA's International Sporting Code already prohibits direct dual ownership, but language around indirect stakes, driver-led investment vehicles, and minority positions remains ambiguous. Brown's timing is notable: McLaren shares ownership ties with Bahrain's sovereign wealth fund, which also holds a stake in the commercial rights entity that owns F1 itself. The letter suggests concern about competitive asymmetry, not structural conflict.
Verstappen, 27, sits on a Red Bull Racing contract through 2028 worth a reported $55 million annually, making him the grid's highest-paid driver. He has no publicly disclosed team equity. The "insider claim" referenced in recent reports does not specify which team, what percentage, or what timeline. No term sheet has surfaced. What has surfaced: Verstappen's father, Jos, holds a long-standing relationship with several teams and has publicly criticized Red Bull's internal politics multiple times since 2023. The younger Verstappen owns a sim-racing team, Redline, which competes in virtual series but carries no FIA license.
Formula 1 franchise values have moved sharply. Aston Martin, purchased by Lawrence Stroll's consortium for roughly $120 million in 2018, now carries a private market valuation near $1.4 billion per recent fundraising documents. Williams sold to Dorilton Capital in 2020 for approximately $200 million; comparable teams would now command triple that figure. Andretti Global's failed $1 billion bid to enter as an 11th team in 2023 set a public ceiling. The economics of ownership have shifted: a top-three team can generate $30 million to $50 million in annual profit, and the franchise value appreciates independently of results.
The regulatory pressure from Brown connects to two live issues. First, the FIA is reviewing ownership disclosures after questions about Red Bull's corporate structure and its relationship to sister team RB (formerly AlphaTauri). Red Bull GmbH owns both teams but insists operational firewalls prevent competitive advantage. Second, the Concorde Agreement expires in 2025, and negotiations over the next commercial cycle are underway. New teams want in; existing teams want protections. Brown's letter positions McLaren as advocating for stricter conflict-of-interest language in the next agreement.
Verstappen's potential interest in ownership would require one of three paths: a minority stake in an existing team (likely requiring board approval and FIA clearance), a controlling stake in a smaller team (expensive, operationally complex, and incompatible with his driving schedule), or participation in an expansion franchise (dependent on F1 and the FIA approving an 11th team, which they have resisted). None of these paths is straightforward. Verstappen has not commented publicly on team ownership. His management, led by Raymond Vermeulen, declined to respond to inquiries this week.
The FIA has not yet replied to Brown's letter, according to sources familiar with the correspondence. If the governing body moves to tighten ownership rules, any new language would likely take effect at the start of the next Concorde cycle in 2026, leaving a narrow window for existing arrangements to be grandfathered or restructured. Verstappen's contract with Red Bull includes performance clauses that could allow an exit if the team finishes outside the top three in the Constructors' Championship for two consecutive seasons. Red Bull finished second in 2024, its first non-title year since 2020.
What happens next depends on whether the FIA treats Brown's letter as a formal rule-change proposal or a precautionary memo. If the former, the World Motor Sport Council would need to vote, likely at its next session in June 2025. If the latter, the issue folds into Concorde negotiations, where commercial interests outweigh sporting purity. Verstappen, meanwhile, has three races left in the 2024 season and a car development program to finalize before the regulatory reset in 2026. His phone, one imagines, is already ringing.
The takeaway
Verstappen ownership talk surfaces as McLaren pushes FIA to close team co-ownership loopholes before 2026 Concorde reset.
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