Qatar is joining forces with a venture capital firm to buy in to famed race car sports venue, Formula One.

Qatar’s Nasser Khalifa Al-Attiya is a vice-president of the International Motorcycling Federation (FIM) and the governing body for Formula One, the FIA.

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RSE Ventures, which already owns the Miami Dolphins NFL team, is now joining forces with Doha to buy a controlling stake in F1. The deal for the 35.5 percent stake is allegedly worth $7 to $8 billion, according to a source quoted by Reuters on Tuesday.

The commercial side of F1 is run by 84-year-old British billionaire Bernie Ecclestone, a 40-year deal meister in the sport.

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