The A1 Grand Prix World Cup of Motorsport is in the process of being sold to a consortium of investment firms. Sheikh Maktoum Hasher Maktoum Al Maktoum, literally the biggest name in racing and the founder of the series, is selling all his stock in A1GP for an as-yet undisclosed cash (yes, we said cash) sum.
Maktoum will step down as head of A1GP and a new chairman and director will be named, after which the Maktoum will be focusing his attention on his "other business interests".
The announcement comes at the start of A1GP's second season, currently kicking off at the historic Zandvoort track in Holland. The multi-million dollar transaction will be completed within a month's time, in advance of an anticipated IPO.
The it's-a-small-world-afterall racing series was Maktoum's brainchild, but his departure is expected to help the series grow from a fledgling start-up to a permanent part of international motorsports.