Two years after the A1 Grand Prix—first started by Sheikh Al Maktoum of Dubai—shut shop, the racing scene outside the ambit of Formula One is again gearing up and this time with India as the chosen destination.
Cricketer Sachin Tendulkar and his US-based friend Anjana Reddy, daughter of a Hyderabad-based media baron, are potential investors in Machdar Ventures launching the Indian Racing League (IRL). Tendulkar and Reddy, jointly as a block, are in discussions to pick up close to 26% stake in the league. Their joint venture investment vehicle is yet to sign a definitive shareholder agreement with Machdar.
Sheikh Maktoum’s family is learnt to be one of the primary investors . Robin Webb, who spearheaded the A1 Grand Prix for Al Maktoum, is expected to be the racing director the new venture. The league is being planned on the lines of IPL—a franchise-based eight-city model—and will be held under the aegis of Federation International de l’Automobile (FIA) and the Federation of the Motorsport Council of India (FMCI). Approvals from both are expected in the coming days.
Source: ET
