Key recruit Sanchez leaves McLaren three months after joining
AERODYNAMICIST David Sanchez has left McLaren only three months after joining the Formula One team who had trumpeted him as a major signing in their bid to return to the top.
Former champions McLaren announced the Frenchman’s departure on Tuesday in a statement detailing organisational changes within the team.
Sanchez had joined from Ferrari, after spending nearly a year on ‘gardening leave’, in January as technical director for car concept and performance but McLaren said the position was being streamlined to focus on performance.
Team principal Andrea Stella will assume the role until a permanent replacement is found while Rob Marshall, who joined from Red Bull at the same time as Sanchez, becomes chief designer.
Neil Houldey takes on the role of technical director for engineering.
“Following thoughtful discussions between David Sanchez and the team leadership, the mutual decision has been taken for David to leave the team,” said Stella of the surprise move.
“Upon our joint reflection, it became apparent that the role, responsibilities and ambitions associated with David’s position did not align with our original expectations when he agreed to join us in February 2023.”
McLaren, with Lando Norris and Oscar Piastri, are third in the constructors’ standings ahead of this weekend’s
Japanese Grand Prix at Suzuka.
Meanwhile, Formula One’s US-based owner Liberty Media announced a takeover of MotoGP’s parent company Dorna on Monday, valuing the world’s leading motorcycle racing championship at €4.2 billion (about R85bn).
Dorna will stay an independently run company attributed to Liberty Media’s Formula One Group tracking stock and continue to be based in Madrid, with long-serving Dorna CEO Carmelo Ezpeleta remaining in his position.
“This is the perfect next step in the evolution of MotoGP, and we are excited for what this milestone brings to Dorna, the MotoGP paddock and racing fans,” Ezpeleta said in a statement.
The deal will see Liberty Media acquiring approximately 86% of Dorna, with Dorna management retaining around 14% of its equity. The deal is expected to be completed by the end of 2024.
The transaction reflects an enterprise value of €4.2bn for Dorna/MotoGP and an equity value of €3.5bn, the statement said.
Dorna Sports, which was roughly 40% owned by British private investment company Bridgepoint Group, also promotes the World Superbike Championship and all-electric MotoE as well as Moto2 and Moto3 junior categories.
“We are thrilled to expand our portfolio of leading live sports and entertainment assets with the acquisition of
MotoGP,” Liberty Media president and CEO Greg Maffei said.
“The business has significant upside, and we intend to grow the sport for MotoGP fans, teams, commercial partners and our shareholders.”
Maffei noted, in an interview with CNBC television, that Formula One had only one grand prix in the US when Liberty took over and now has three.
MotoGP currently has one US race on a 21-round calendar that includes Asia and the Middle East but with a European heartland dominated by Spain and Italy.
“I’m not suggesting we’re going to get to three but the opportunity to grow in the US and in other markets and other geographies ... is very exciting,” said Maffei.
CVC Capital Partners, who sold Formula One to Liberty in 2017, had to sell Dorna in 2006 as a condition imposed by the European Commission in the purchase of F1.
Maffei and Liberty’s chief legal officer, Renee Wilm, told a conference call with analysts, however, that the situation was different now and they were confident on the regulatory side.
“We believe there is a broad market for sports and entertainment properties, of which both F1 and MotoGP are only a small subset, and that the market has continued to change.” said Maffei. | Reuters