FIA president worried about F1 buyout bid of $20bn
Jan.24 - The president of F1's governing body is concerned that the financial value of the sport is being dangerously inflated.
Earlier, Bloomberg reported that the sport's current American owners Liberty Media turned down an audacious $20 billion buyout bid.
The bid was made by Saudi Arabia's Public Investment Fund, which owns the premier league football team Newcastle United and shares in multiple companies including Google, Amazon, Meta and many more.
BEN SULAYEM Mohammed Ben Sulayem, President of the FIA (left) talking to Frederic Vasseur in Bahrain last 2022 season
Liberty Media bought Formula 1 in 2017 for $4.6 billion, raising FIA president Mohammed Ben Sulayem's suspicions that the value is being artificially inflated.
"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," he said.
"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," Ben Sulayem added.
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"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."
Careful, Ben, MBS is firing up the wood chipper.
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