Maktoum sells his A1 GP shares
|Friday, September 29th 2006, 16:49 GMT|
A1 Grand Prix series founder Sheikh Maktoum Hasher Maktoum Al Maktoum has finalised the sale of his shares in the series holding company, as predicted by autosport.com earlier this year.
In a joint statement the A1GP company and Maktoum said the Sheikh has released his stake in a multi-million dollar transaction, which would now lead the way for a flotation of the A1GP series.
"I am happy that I have built the series with fans in mind," Maktoum commented. "I feel like I have fulfilled my promise to them by bringing A1 GP from concept to reality and am confident that the World Cup of Motorsport will go from strength to strength.
"I would like to thank all those stakeholders, including Tony Teixeira as first investor, who shared in my vision, enthusiasm and commitment.
"Having devoted all my efforts to making A1 GP the success it is today, this transaction will allow me to devote more time to my Dubai International Holding Company, which currently manages a substantial portfolio of assets and new ventures."
Commenting on the departure of the Sheikh from the series he founded, deputy chairman Tony Teixeira said: "Without the benefit of Sheikh Maktoum's vision and financial support, A1 GP would not be as strong as it is today.
"We send our thanks to Sheikh Maktoum and know that as a keen motorsport enthusiast he will continue to support A1 GP. He will always be welcome at any event."
The statement added that all cash transaction is expected to be finalised within thirty days, whereupon Sheikh Maktoum will step down as Chairman and Director of A1GP.