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Russell Sheldon
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Discussion Starter · #1 ·
PRESS RELEASE:

In an exciting development, Dubai yesterday launched a brand new Formula One team that will join the grid for the FIA Formula One World Championship in 2006.

Branded Team Dubai F1, it has entered into negotiations with both Mercedes-Benz and McLaren for the supply of engines and technical assistance for their programme.

The announcement comes as a major shot-in-the-arm for the sport as only eight days ago the Russian-backed Midland group said they would be entering a team for the 2006 season.

Sheikh Ahmed Bin Saeed Al Maktoum (42), President and Chairman of the Emirates Group of Companies which includes Emirates airline, the fastest growing and one of the top three most profitable airlines in the world, said: "Dubai is committed to developing and supporting world class expertise in carefully targeted high-technology industries.

"Formula One, with its focus on technological and engineering innovation, provides us the perfect environment in which to develop and demonstrate our skills in these cutting edge areas.

"This is only the first step in an ongoing investment and development programme for the motor sport and automotive industry, which will result in further related Formula One opportunities."

Team Dubai F1 will file the entry documentation with the FIA and will lodge the $48 million security necessary to enable it to participate. Although the team will be based in Dubai, the manufacturing base will be located in the UK.

The launch of the team coincides with the launch of a new development programme in Dubai which will draw on Formula One's leading edge research in these areas. Team Dubai has carried out an extensive review of the Formula One market over the last year.

The decision to build its own team rather than to acquire and develop an existing team reflects the outcome of that review.

Explaining the decision, Tim Fulton of Team Dubai, said: "We talked to a number of teams and their owners about the possibility of buying an existing operation.

"While a number of those teams could certainly have helped us up a steep learning curve, we ultimately concluded that the acquisition of an existing team would never enable us fully to demonstrate our own commitment and excellence since success would inevitably have been linked with the existing team's brand and values.

"The creation of a completely new team enables us to build on the values of hard work, quick implementation and strong will, which have underpinned the development of Dubai."

Work will commence next year to build a state-of-the-art technical centre and wind tunnel for the team in Dubai, where much of the long-term development work on the team's car will be conducted.
 

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F1 looks set to become rather more interesting in the next couple of years.
But it's a tough arena, as Ford/Jag/Stewart and particularly Toyota have discovered.
I wish them ALL the best of good luck and at least enough success to maintain a varied grid in what used to be the most popular form of motor racing.
 

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Russell Sheldon
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Discussion Starter · #3 ·
I'm with you, Tropi. My performance bonus depends on it!


At least they've had a lot of experience with World Championship Grand Prix racing, winning a few titles along the way...:-



Kind regards

Russell
 

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Brian Ferguson
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Exciting stuff, Russell! Must be great to be close to a project of this nature.


But.... don't suggest that they put one of your endbells on an s-can...


Seriously, I'll watch the Dubai team with keen interest!
 

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DT
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Those off-shore boats are great with their big Lamborghini engines. Expensive sport.

It just shows what you can do with all those oil dollars.

Hope that they do as well with F1. I bet Bernie and Slavica are happy.
 

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There was a large article about this in the Sunday Times today in the 'Business' section, not the Sport pages.

Says it all about modern F1 don't you think?

Brian
 

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Russell Sheldon
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Correct. The team will be headquartered in England -- Woking, I'm told, nearby the premises of another F1 team which happens to use Ilmor Mercedes Benz engines -- where they can benefit from the fact that the British are without doubt the finest racing car engineers in the world.

The extensive facilities being built at the Dubai Autodrome are geared more towards attracting F1 and other racing teams to Dubai for winter testing.

"It just shows what you can do with all those oil dollars."

Although Dubai's economy was built on the back of the oil industry, when oil was first struck in the mid 1960s, it has since developed a diverse economy and the oil sector accounts for just 10 percent of GDP.

The city-state has thriving manufacturing, finance, information technology and tourism sectors and is home to numerous multinational companies such as AT&T, General Motors, Heinz, Shell and Sony, while Dubai Internet City is host to hundreds of IT companies, including Cisco, IBM, Microsoft and Oracle.

The tourist industry is the fastest growing sector within Dubai's economy. The number of tourists visiting Dubai has increased dramatically over the last 10 years, especially visitors from Western Europe, and aims to attract 15 million tourists a year by 2010. With this in mind, huge investment has been made to develop the city's hotel, leisure and recreational infrastructure. Dubai already receives twice as many overseas tourists than does South Africa, the most beautiful country in the world, and more than Australia and New Zealand combined.

This success is due mainly to the free market principles under which Dubai operates, with no protectionism, no financial restrictions or currency control, no personal taxes, no import duties and no subsidies, supported by one of the most advanced financial and banking systems in the world, a high-tech infrastructure and a highly regarded legal system.

Sheez.... I should work for the tourism promotion office!
 

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QUOTE (Russell Sheldon @ 18 Oct 2004, 14:23)Correct. The team will be headquartered in England -- Woking, I'm told, nearby the premises of another F1 team which happens to use Ilmor Mercedes Benz engines

Officially nope - that is not the case yet .......................

Unofficially however ...........

the old site Mclaren used to occupy before moving to the Mclaren Technology Center lays empty and ALL the machines are still their and it was all tidyed & cleaned
up a few weeks ago (even put some show cars in the bays) for some people to come
round and take a look.

 

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Russell Sheldon
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Discussion Starter · #14 ·
Spot-on, Chris.... and welcome back from your honeymoon!

Yes, the team will be buying the old McLaren factory. They will be establishing a technical centre in Dubai and paying out not only $45m to the FIA, but also whatever the costs asked for by McLaren and Mercedes for engine supply and technical assistance.

This is going to cost a great deal of money but HH Sheikh Ahmed Bin Saeed Al-Maktoum, the man behind the project, is not averse to raising money from bond issues, having done exactly that for Emirates airline recently, issuing a bond to raise $200m. The Emirates Bond was the first such operation on the Dubai Financial Market, which began operating in March 2000, and helped to raise the profile of Dubai on the world's financial scene, another benefit from a similar operation with an F1 bond issue.

The concept of the F1 team is not hugely different to that of the Victory powerboat team which was set up about 15 years ago by the Al Maktoums. By the mid-1990s it had become very successful and since then the family began to diversify and use the Victory Team brand with boat-building and commercial maritime vessels, notably patrol boats. In addition the reputation for precision engineering was used to start up manufacturing operations for car companies. Although the Victory Team is seen as a Dubai operation, it is run by a former Lamborghini engineer called Gianfranco Venturelli and American powerboat designer Michael Peters.

It is worth noting that Team Dubai F1 is not officially linked to either the new Dubai Autodrome nor with the new A1 Grand Prix series.

It is expected that the offices of Team Dubai F1 will be at the Dubai Autodrome and Business Park, where the plans include a business park offering purpose-built offices with workshops and showrooms for the motoring and motor sports industry, and direct access to the track. The development will also have a trackside hotel and serviced apartments, a theme park, indoor and outdoor karting facilities and a combined motorcross/rallycross track. It will also have racing academies, driver-training schools and an FIA-approved medical centre.

With kind regards

Russell
 

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This all sounds fasinating and Russells posts offer a great insight into setting up an F1 team. (If anybody was thinking of doing so!)
With help from Mercedes and McLaren they should have a good basis to start from!

2006 could be an exciting F1 season with two new teams now announced. However, I am still worried about next season after the loss of Ford.


JS
 

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Russell Sheldon
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Discussion Starter · #17 ·
Well spotted, Ken!

Apparently the wings on the prototype were too wide, so it's back to the drawing board!

Kind regards

Russell

PS: I'm the one not wearing a dress!
 

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So are they going to sign Bertrand Gachot and Jean-Pierre Van Rossem as drivers?


Seriously, at $55.00 a barrel of crude, I guess they can afford to sign anyone they want or even buy the entire Ferrari team from under Luca!


So the UAE is replacing the Saudis in the big-bucks game... long time and lots of oil under the bridge since Mansour Ojeh financed the Porsche-built engine.
Russell, please keep us posted!
 
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