FIA president Ben Sulayem stuns F1 by claiming it's not worth £16bn
FIA president Mohammed ben Sulayem stuns F1 by claiming it’s not worth £16bn amid Saudi Arabia takeover talk as he voices concern that ‘inflated price tag’ could have a negative impact on TV deals and fans
- FIA president Ben Sulayem tweeted the series wasn’t worth $20bn (£16bn)
- Liberty Media, the American owners of F1 since 2017, refused to comment
Formula One ruler Mohammed ben Sulayem caused astonishment within the sport when he used Twitter to claim the series wasn’t worth $20billion – an intervention that raised questions over whether he had exceeded his role as regulator.
The FIA president intervened via a three-part thread in reaction to a recent report saying Saudi Arabia made an unsuccessful bid of $20bn (£16bn) to buy Formula One a year ago.
Liberty Media, the American conglomerate that has owned F1 since 2017, when they completed a £6.4bn takeover, refused to comment on the Bloomberg story.
F1 ruler Mohammed ben Sulayem used Twitter to claim the series wasn’t worth $20bn
Despite the uncorroborated nature of the claims, Ben Sulayem tweeted: ‘As the custodians of motorsport, the FIA, as a non-profit organisation, is cautious about alleged inflated price tags of $20bn being put on F1.
‘Any potential buyer is advised to apply common sense, consider the greater good of the sport and come with a clear, sustainable plan – not just a lot of money.
‘It is our duty to consider what the future impact will be for promoters in terms of increased hosting fees and other commercial costs, and any adverse impact that it could have on fans.’
However, other senior figures in Formula One privately asked whether Ben Sulayem had overreached by going public with his view on a commercial matter, given that the FIA are meant to regulate the sport rather than involve themselves in its business interests.
Formula One declined to comment.
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