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A new player has entered the world of Formula One, and if his track record is anything to go by, be ready for things to be shaken up. Edward Craven, 28, is a cryptocurrency and gambling magnate, Australia’s youngest billionaire and, now, the proud owner of the Sauber F1 team – set to be renamed Stake F1 Team Kick Sauber this year. Craven and business partner Bijan Tehrani formed Stake in 2017 and expanded to the UK in December 2021. Stake had previously been a sponsor of the Alfa Romeo F1 team, and now the team will be renamed Stake F1 team from 2024. Craven and Tehrani’s business journey has been a rollercoaster ride. They previously launched Primedice and Easygo – other crypto firms – before finding success with Stake. ‘Last season represented the start of Stake’s journey in Formula One, and the brand’s new role headlining Stake F1 Team represents the natural and exciting next step on this path,’ said team representative Alessandro Alunni Bravi.

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