Owning a Formula One team could be the next step for Saudi Arabia after sponsoring the sport and hosting a grand prix, according to the chairman of the Kingdom’s automobile and motorcycle federation.

Axar.az reports, citing Reuters, Prince Khalid bin Sultan al-Abdullah al-Faisal told reporters in a video call ahead of this weekend’s race in Jeddah that the interest was there.

“It could happen, it could happen soon if you see the growth (of the sport),” he said.

“If you are going to buy a Formula One team then people will buy it to make money out of it, especially if it’s going to be bought by one of the PIF (Saudi Public Investment Fund) companies.

“We see Formula One is reaching new markets, sales are globally increasing ... It’s not easy to say which team to buy and how you’re going to manage it. But we have a lot of interest ... we’re hosting Formula One, sponsoring teams. So I wouldn’t be surprised if we see an announcement for a Saudi team.”

“Personally, I would like to see a Saudi team,” said Prince Khalid.

“But if Saudi Arabia or one of the Saudi companies will be involved in one of the teams, I would like them to do it the right way and be successful. It's a tricky question, but why not?”

Saudi Arabia first hosted Formula One in 2021, while energy giant Aramco is a global partner of the sport and also title sponsor of the Aston Martin team.