The Sauber team has yet to secure a single F1 point this season. (Alex Bierens de Haan/Getty Images for Heineken)

The Qatar Investment Authority (QIA) state-backed fund is set to confirm the purchase of a 30% stake in the Audi Formula 1 motor racing team, according to reports.

The Sky News outlet has reported that a deal for the team currently competing as Sauber (but due to be rebranded as Audi for the 2026 F1 campaign) will be unveiled today – ahead of the 2024 Qatar Grand Prix on Sunday (December 1).

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The investment, Sky News has claimed, will be worth hundreds of millions of dollars.

Sauber lie bottom of the 10-team F1 constructors’ championship this year, having failed to score a single point in the 22 races so far this season – the only team yet to register any points.

It has been reported that QIA had identified F1 in general as a target market, due to its preference for investment deals with growth potential over a long period of time. This deal would mark Qatar's first significant motorsport investment.

Elsewhere in the iconic series, the Mumtalakat fund, backed by the Bahrain government, owns McLaren Group, which in turn runs the eponymous F1 team.

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The Qatar Grand Prix was first held in 2021, with a 10-year hosting contract through to 2033 now in place.

Elsewhere in sports, Qatar Sports Investments (a subsidiary of QIA) owns French soccer champions Paris Saint-Germain.

In terms of F1 teams activity, meanwhile, earlier this week it was announced that an 11th team will join the grid in 2026 – US car giant General Motors, in partnership with motorsports ownership group TWG Global. The team will race under the name of General Motors’ luxury car brand Cadillac.

For the first two seasons of its existence, GM will utilize another constructor’s engine (reportedly Ferrari’s) before a later date, likely 2028, when it will also become a factory team, through which it can then produce its own engines and those for other vehicles.

The move means F1 will have an 11-team grid for the first time since the 2016 season.

There are just two races remaining – Qatar and Abu Dhabi – from the 24-round 2024 F1 season.