F1 favourite beats Lewis Hamilton by completing takeover to help rescue motorsport giants
Former Formula 1 team principal Guenther Steiner has beaten Lewis Hamilton to the punch with the purchase of a MotoGP team.
The outspoken fan favourite from Netflix’s Drive to Survive will take over as CEO of Tech3, who have been competing in the top tier of two-wheeled racing since 2002.
That means he gets there ahead of his former competitor Hamilton, who has long expressed his interest in getting involved in his second favourite sport.
Steiner worked in F1 in various roles from 2001 to 2023, but is best known for his job as Haas team principal for the final seven years of that run.
The Italian was the most senior figure in track-day operations, but will now move one step upwards with Tech3 as CEO, replacing the long-standing Herve Poncharal.
Announcing the news at the Catalan Grand Prix, he said: “This is a fantastic opportunity. Tech3 is a great team with a huge amount of potential and an impressive legacy.
“Herve’s impact on the team and MotoGP itself cannot be overstated, and we’re honoured to take over and keep building on those foundations.
“We’re excited to become part of the MotoGP paddock and maximise the potential of the team and the sport as it continues to grow, helping to bring it to new audiences.”
Steiner’s purchase reportedly cost £17million and was mostly financed by investors IKON Capital.
Why are F1 stars interested in MotoGP?
The timing of the move comes two months after F1 owners Liberty Media finalised their purchase of MotoGP and became majority shareholders, paying the departing Dorna £3.3billion.
F1 has boomed from a $4.6bn valuation to $17bn since Liberty bought the sport in 2014, and the same is hoped for MotoGP, which is why so many from four wheels are now interested in two.
Speaking of Hamilton’s interest last year, Liberty CEO Greg Maffei said: “I think MotoGP is an unbelievably exciting product.
“To see people riding motorcycles at 220mph, six inches from each other is wild, and the overtaking there is incredibly impressive.
“It’s unfortunately one that is too little known in the United States, and around the world there is interest in Asia and places.
“But the real heart of it has been Spain, Italy, to some degree France. I think there’s an opportunity to expand it.
“When we announced it, we had immediately people call up and say: ‘I want to buy a team’, including people like Lewis Hamilton.
“Why? Because they saw what happened in Formula 1 and they want to follow.”
Why this is good news for MotoGP and KTM
Despite F1’s takeover and Hamilton’s interest, problems hit the sport late last year when KTM filed for insolvency and paused work on their production bikes.
With a reported debt of £2.5bn, employees were told the sporting project would be unaffected, and that promise has been kept.
KTM also re-structured their debt in February in an attempt to resume production, while in MotoGP they sit third in the constructors’ standings ahead of Japanese giants Honda and Yamaha.
Meanwhile, Steiner’s team takeover is another huge boost for KTM, as Tech3 are a customer team of the Austrian brand.
The deal maintains their partnership, as it’s also been announced their Tech3 name will also be kept.
Departing CEO Poncharal said of the deal: “This is the end of an era, but also the beginning of an exciting one for all of us.
“I’m very proud of everything we’ve achieved since Tech3 was born, winning MotoGP races and taking so many podiums, as well as what we have built over these decades with all the people we crossed paths with.
“When Guenther approached me with an interest in the team, it seemed to fall into place as the perfect moment to make this change.
“I know that Guenther will lead the team with direction, ambition, and integrity – not forgetting that little bit of rock’n’roll spirit it was founded on.
“Tech3 will be in good hands to help it grow even more in this new era for MotoGP.”
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