The Fédération Internationale de l'Automobile is internally divided on whether to permit shared ownership across Formula One teams after Mercedes was linked to a minority stake elsewhere on the grid. The question matters because the current Concorde Agreement prohibits one entity from controlling multiple entries, but the word "control" has room. FIA President Mohammed Ben Sulayem told reporters the governing body is examining the issue, which means the examination is already underway and someone filed the question formally.
McLaren CEO Zak Brown sent a letter to Ben Sulayem calling for rule changes that would eliminate any possibility of common ownership structures. Brown's letter arrived before the FIA announced its review, which means he either saw the Mercedes discussions coming or he is the reason the discussions started. The timing is not neutral. McLaren finished third in the 2024 Constructors' Championship with thirty-five points separating them from Ferrari; a governance fight now is a resource allocation fight later.
The minority-stake question turns on interpretation. The Concorde Agreement restricts one party from holding a "controlling interest" in more than one team, but private equity, sovereign funds, and manufacturing parents all define control differently. If Mercedes-Benz AG holds 15% of another constructor while retaining its factory team, the question is whether that 15% comes with board seats, veto rights on technical partnerships, or access to aero data. The FIA has not published guidance on what "controlling" means in a world where teams are simultaneously listed assets, marketing vehicles, and engineering labs. Brown's letter suggests McLaren believes the ambiguity is a problem before it becomes one.
Meanwhile, Ben Sulayem told the same reporters he expects Christian Horner to return to Formula One, though he did not specify in what role or with which team. Horner left Red Bull Racing under unspecified circumstances in early 2025 after leading the team to four consecutive Constructors' Championships. His non-compete clause expires in mid-2026, and FIA officials rarely forecast personnel moves unless the calls have already started. Horner's return is relevant to the ownership debate because he knows how Red Bull's ownership structure works—parent company Red Bull GmbH owns two teams through separate subsidiaries—and any future role would require navigating the same Concorde restrictions McLaren wants tightened.
The governance fight has commercial weight. Formula One's enterprise value climbed above $17 billion in private transactions last year, and several teams are fielding sovereign-fund inquiries about minority stakes. If the FIA rules that shared minority ownership is permissible, the number of bidders for each stake increases and valuations follow. If the FIA sides with Brown and tightens the restrictions, team owners keep more control but lose liquidity options. The difference is whether a Saudi or Qatari fund can own 10% of Mercedes and 10% of Aston Martin simultaneously, or whether each stake requires a separate vehicle with separate governance.
Brown's letter is also a negotiating position. McLaren is 33% owned by Bahrain's Mumtalakat sovereign fund, and any rule that restricts cross-ownership affects Mumtalakat's ability to deploy more capital into the sport. By calling for tighter restrictions now, Brown signals that McLaren is not looking for Mumtalakat to add another team stake, which means McLaren expects to remain Mumtalakat's exclusive F1 exposure. That positioning matters in the next Concorde negotiation cycle, which begins informal discussions in eighteen months.
The Horner variable is harder to price. If he returns to a team role, his next employer will be one that either has resolved ownership questions or is prepared to fight them. If he returns to a governance role—FIA, Formula One Management, or the F1 Commission—he brings institutional memory of how the current ownership rules were written and which teams pushed for which language. His phone is ringing either way.
The FIA has not set a timeline for its ownership review, but the 2026 season starts in March and team budgets for that year are being finalized now. Any rule clarification needs to arrive before the next board cycle so teams know whether to model minority-stake dilution or plan for full control. Brown's letter ensures the question will not wait.
The takeaway
FIA reviewing whether teams can hold minority stakes in rivals; McLaren already lobbying for restrictions before Mercedes moves.
fiaownershipgovernancemercedesmclarenhorner
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