A1GP AND SHEIKH MAKTOUM BID FAREWELL TO EACH OTHER Satisfied with his motorsport creation, A1GP World Cup of Motorsport ("A1GP") Founder and Chairman Sheikh Maktoum Hasher Maktoum Al Maktoum has agreed to release his stake in a multi million ...
A1GP AND SHEIKH MAKTOUM BID FAREWELL TO EACH OTHER
Satisfied with his motorsport creation, A1GP World Cup of Motorsport ("A1GP") Founder and Chairman Sheikh Maktoum Hasher Maktoum Al Maktoum has agreed to release his stake in a multi million dollar transaction to permit a broadening of the institutional shareholder base ahead of a planned initial public offering.
Reflecting on the past four years and the sale of his position, Sheikh Maktoum said, "I am happy that I have built the series with fans in mind. I feel like I have fulfilled my promise to them by bringing A1GP 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 A1GP 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 and which continues to actively pursue other significant investment opportunities."
Commenting on the departure of Sheikh Maktoum, A1GP Deputy Chairman Tony Teixeira said, "Without the benefit of Sheikh Maktoum's vision and financial support, A1GP 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 A1GP. He will always be welcome at any event."
It is anticipated that the all cash transaction will complete within thirty days whereupon Sheikh Maktoum will step down as Chairman and Director of A1GP.