The Spanish media is reporting that Scuderia Toro Rosso will be taken over from the Italian Grand Prix onwards by the International Petroleum Investment Company (IPIC) of the United Arab Emirates. There have been suggestions that the Faenza-based team will become known as Team UAE. The reports suggest that IPIC will use different companies which it owns as the sponsor of the team. These include the Spanish oil company Cepsa, the Falcon private Bank, Canada’s Nova Chemicals and various others. The aim is to use F1 to highlight the company’s activities, specifically the planned expansion of Cepsa in Europe. Things have changed since the start of August when France’s Total sold its shares in the Spanish group and five of the director were thus replaced with Khadem Al Qubaisi as CEO. This was completed a few days ago and IPIC is now Cepsa’s sole shareholder. The strategy is to expand in order to consolidate its leadership in Spain’s energy sector and to turn the company into a global player. This strategy will clearly be good news for Jaime Alguersuari and also helps to explain why Red Bull has placed Daniel Riciardo at HRT, rather than putting him into Toro Rosso.
We have heard suggestions that a new team factory is already under construction in the Middle East. Logically, if this is happening it will be at the Yas Island circuit and will have direct access to the facility. This would make sense as the team’s current facilities are split between the old factory in Faenza and a windtunnel department in Bicester, England.
We await developments with interest.
joeblogsf1 
Wow, that sounds interesting. Finally Mateschitz sells his 2nd team. Can’t wait for any news to be confirmed.
Could this help Rob Wickens, a Canadian, move up into F1? Here’s hoping!
Interesting, Joe. By the way, how do you think that this will affect the relation between STR and Shell?
Joe,
what is your views on all this Arabian investment in F1 of lately? And why are investment companies suddenly the way to own a team?
Taking a view of the last ten years or so in F1, the trend seems to be moving inexorably eastwards as regards financial control, track development, and now, it seems the actual engineering heart of F1. It’s clear the appalling effects of deep recession in Europe a major factor in all this and it is quite worrying that the engineering genius found throughout F1 and based very largely in UK is threatened by all this. One wonders, for example whether UK politicians are fully conscious of the scale of loss that may well be threatened by these hugely cash-rich middle-eastern nations who have the financial clout to buy almost any worthwhile engineering operation wholesale.
This demonstrates the power of F1 globally…
What we need now is a Chinese Formula One team.
Enter The Golden Dragon!
man city’s owner!
Ruining F1 since 2011!
LOL
So a complete re-branding in 2012, Joe? Team, team name, chassis name, Red Bull sponsorship- gone?
That is very interesting. I hope that the team does end up based outside Europe. I think that it would be great for F1 if there were more teams based outside Europe and especially the UK. (Nothing wrong with UK of course)
Suddenly Ricciardo’s move to HRT makes a lot more sense. No point filling in for a team that will probably change radically anyway.
With all the Mid-East money coming in F1 will be back to fat V12s in no time.
Hi Joe,
Great report. You mentioned that the sale of the team helps explain why Daniel Ricciardo was placed in HRT; just wondering what this would all mean for the Red Bull developement program? Could HRT or another lower or middle team become a permanent partner of Red Bull to test their youngsters?
@ Leon Allen
That’s capitalism.
I hope this is not bad news for Jean-Eric Vergne…
This seems to have been coming for a while and makes Kolles comments about getting Ricciardo & some Red Bull sponsorship as a reward for their hard work.
I would think that RB will place significant ‘investments’ in a couple of smaller teams to continue their junior driver programmes.
As for STR, let’s hope they make the most of this opportunity and push further up the field, it looks like funds and team politics will no longer be a factor.
There’s always rumours that Toro Rosso is going to be bought up by someone-or-other in the Middle East. It hasn’t happened yet, so I think I’ll wait for something a little more substantial, like the team commenting.
That said, it was only a matter of time before a team was entered under a racing licence issued in the Middle East.
I would be very sad to see the end of operations in Faenza… there and at the races, the team always had a very special atmosphere (and the best espresso in the paddock).
vale the final vestiges of giancarlo minardi’s dream then, hey?
Given their interest in oil, I wonder if buying the team allows them to scuttle further moves towards a full-hybrid (I guess that would be electric!) F1.
Or perhaps now that super yachts, London flats, etc are passe, F1 teams are the new hotness.
Strange story. Joe, do you really think it makes sense to being close to a track although testing has been so limited in recent year? Being close to Ferrari makes much more sense to being alone in the dessert. And with Ferrari I mean the headquarters and not a theme-park.
ronsellingTols,
Treting limits may not last forever. It is easier because one can do shakedowns straight from the factory. It also adds to the cred of the circuit which matters in this part of the world
Joan,
I think the STR, Shell partnership is a result of the Ferrari engine deal, nothing else.
Shell claim to develop fuel specifically for the Ferrari engine, it would make sense the customer teams use this fuel.
Joe, Do you know how long the STR Ferrari agreement is in place for?
Red Bull will have to cut the Energy Station in half too if it no longer owns the STR paddock space rights!
When Paul Stoddart sold Minardi, one condition of sale was that whoever bought the team kept the factory in Faenza, which Red Bull did. It would really be a shame to see that disappear now. There are still links to Minardi, who were always that plucky little backmarker team, surviving where others came and went. It will be sad to see that go.
Phil C,
The deal was for two years
Falcon private Bank and Nova Chemicals are current sponsors of the team.
I wonder what this will mean if they end up on the podium… no champagne?
Factory in UAE? Windsor’s plan to set up his team base in USA looked realistic (taking into account vibrant motor sport industry in this country). But Arabia? Without local suppliers, local technical partners, local engineering tradition? They will have to ship all materials from Europe and relocate a lot of English and Italian engineers to UAE. Looks like very expensive and wasteful operation even by oil sheiks’ standards.
Moving from motorsport hub Italy to the desert doesn’t make much sense to me. Granted that F1 people tend to move teams a lot these days, but usually in Europe. It’ll be interesting to see if anyone can make it work from outside Europe.
If this goes through, we’ll finally see the end of Minardi.
Anything that secures the future of 2 cars on the grid is good for f1
Sad news.
no champagne on the podium! Drivers in Burkha’s?
This news saddens me. I’m a freedom loving Westerner and not a fan Arab culture, with it’s sexism, antisemitism, censorship etc.
We’ll have foot amputations for speeding in the pit lane soon! 🙂
Did you say “the spanish media”?
Can’t count on that…
“Drivers in Burkha’s?”
Not even remotely funny. The burqa is only worn by women who practice a particular branch of Islam. The suggestion that a male, non-Muslim driver could wear one is wrong, and probably offensive to some Muslims. “Top Gear” did it on their Christmas Middle East special and it upset some of the locals.
Prisoner,
Lighten up. That was meant as humour, and while it may not have been very funny. There is still room in life for political-incorrectness. God help us all if Health & Safety take over humour as well.
Joe – Could this mean a tie up with the Williams technology centre?
Adrian Newey,
No.
Prisoner Monkeys – Surely you’re not saying burkha wearing women are not good enough for an F1 drive?