The Sheik and his money ride into the desert sunset

[pchall]

http://www.a1gp.com/news/index.php?flashNavId=1&newsid=377

A1GP AND SHEIKH MAKTOUM BID FAREWELL



29/09/2006 - Satisfied with his motorsport creation, A1GP World Cup of Motorsport ("A1GP") Founder and Chairman Sheikh Maktoum Hasher Maktoum Al Maktoum has agreed to release his stake in a multi million dollar transaction to permit a broadening of the institutional shareholder base ahead of a planned initial public offering.

Reflecting on the past four years and the sale of his position, Sheikh
Maktoum said, "I am happy that I have built the series with fans in
mind. I feel like I have fulfilled my promise to them by bringing A1GP
from concept to reality and am confident that the World Cup of
Motorsport will go from strength to strength. I would like to thank all
those stakeholders, including Tony Teixeira as first investor, who
shared in my vision, enthusiasm and commitment. Having devoted all my
efforts to making A1GP the success it is today, this transaction will
allow me to devote more time to my Dubai International Holding Company
which currently manages a substantial portfolio of assets and new
ventures and which continues to actively pursue other significant
investment opportunities."

[Andrew Longman]

I haven't followed A1GP very closely, but I wouldn't call it's first year a huge success. Cancelled events, unpaid bills, lousy TV coverage, etc.

No IPO. He's selling, but who's buying. Doesn't sound promising. Sounds more like his hobby got too expensive.