F1 Slams FIA President's 'unacceptable' Comments On '$20bn Price Tag'

Formula 1 has criticized President Mohamed Ben Suleiman’s comments on the value of the sport in a letter to the FIA yesterday.

Ben Sulayem said the FIA would be “cautious about inflated $20 billion price tags being placed on F1” following a report by Saudi Arabia’s public investment fund for series owners Liberty Media. The reports suggested the offer would value F1 at $20bn (£16.16bn).

The FIA’s letter, obtained by representatives of the American media company BBC and Sky, recalled that F1 had signed a 100-year deal for series commercial rights and the governing body and promised in no uncertain terms that it would do nothing. To object to the ownership, management and/or exploitation of those rights.

The letter said Ben Sulayem’s comments “interfere with those rights in an unacceptable manner.” “The implication that any potential F1 business must consult with the FIA is wrong,” he added.

“Any individual or organization that makes an opinion on the value of a listed entity or its companies, especially by claiming intellectual property or doing so that may cause significant harm to the company’s shareholders and investors, may be subject to severe scrutiny.” Consequences,” he added.

“To the extent that these comments are detrimental to the value of Liberty Media Corporation, the FIA may be held liable.”

The letter was sent by Sacha Woodward Hill, F1’s general counsel and long-time legal counsel and chief legal officer of Liberty Media, Rene Willem.

“As motorsport’s governing body, the FIA, as a not-for-profit organisation, is wary of the inflated $20 billion price tag being thrown at F1,” Ben Sulaiman said yesterday.

“Any potential buyer is advised to apply common sense, think about the sport’s larger interests and come up with a clear, sustainable plan, not just a lot of money.

“It is our duty to consider the future impact to advertisers in terms of additional hosting fees and other business costs and any potential negative impact on fans.”

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