Team Superfund has officially filed an application to enter the 2010 Formula One World Championship.
This marks a return to Formula One for the Austrian managed futures fund providers after a five-year period as sponsors of the Minardi, Jordan, Spyker and Midland race teams. The Superfund group of investment companies is looking to further extend a commitment to motorsport by partnering with a top-level current F1 team, key suppliers and personnel with the long-term view of becoming a fully independent team within three years.
Former F1 driver Alex Wurz will spearhead the organization as Team Principal. Team Superfund has signed a provisional agreement with an existing F1 team to use and leverage their staff, facilities and infrastructure. The new race outfit has also secured a provisional deal with independent engine supplier Cosworth in the event of a favorable application.
Christian Baha, Founder & Owner of Superfund: “Managed futures and Formula One are both fast-paced, cutting edge industries where consistent performance and innovative technology produce winning results. Investing in Formula One is a natural fit for Superfund both as a commercial venture and as a high-profile brand awareness campaign.
The new cost cap regulations have been a major factor in our decision to re-enter Formula One with Team Superfund. The continued drive to establish a budget cap in F1 has once again made the sport a profitable and sustainable business opportunity.”
Superfund is an internationally recognized global brand with offices in 20 countries, its companies collectively manage assets of approx. 1.65 billion USD from more than 50,000 private and institutional investors worldwide. Baha: “Given the current situation and continued worldwide audience figures of Formula One, we felt the conditions are now right to formally request the FIA for an entry.”
Alex Wurz, Team Principal of Team Superfund: “The transition from track to testing to Team Principal is a natural progression for me and I’m looking forward to bringing the knowledge, experience and relationships I’ve fostered throughout my driving career to Team Superfund.”
“Christian (Baha) and I have talked about starting a new race venture for many years. When we saw that the cost of running a team was going to come down as a result of budget caps and natural market conditions, we decided to seize the opportunity. With the solid backing of Christian, the challenge for us is not so much financial, but rather technical. Until now, we have been working hard to achieve our current status in anticipation of a positive decision by the FIA. Team Superfund has established a clear timeframe to get the technical program up to speed in order to be fully prepared for the start of the 2010 World Championship."
Monaco, 1st June 2009.
Christian Baha is the Founder and Owner of Superfund, a leading group of independent investment companies offering global managed futures funds to both private and institutional investors. Originally known as Quadriga, Superfund was founded in 1996 in Vienna, Austria. Today, Superfund companies have offices in four continents and employ approximately 500 people.
For further images or interview requests, please contact:
Julia Harrison on: Harrison@superfund.com or +33 (0)6 78 63 62 76