FIA's Ben Sulayem reveals Skyrocketing F1 values prompt massive fine hike
Nov.1 - Mohammed Ben Sulayem has defended the FIA's decision to crank up the maximum financial penalties for Formula 1 drivers to an incredible EUR 1 million.
The news broke ahead of the recent US GP, where drivers reacted with astonishment to learn that the maximum penalty had been multiplied by a factor of four.
"I mean, some drivers are making less than that," Ferrari's Charles Leclerc said.
Mercedes' George Russell, also a top official at the Grand Prix Drivers' Association, added that his main concern is that he has had "no response" as to what the FIA would even do with EUR 1m fines.
Faced with that criticism, FIA president Ben Sulayem said the money is always put into "grassroots" motor racing or is "reinvested in the sport".
And he said it's important that the size of the fines in Formula 1 is reflective of the skyrocketing value of the sport.
"Teams are now in the billions in terms of value," the Spanish sports newspaper quotes the FIA president as saying.
"We hadn't improved our standards that went back to Jurassic Park," Ben Sulayem joked.
"And we're not saying 'go and pay it'. We're saying follow the rules. If you do, nothing will happen. Nobody will impose anything on you.
"People are exaggerating too much about this," he added. "What I hope is that the fines make life easier for the stewards, with the drivers obeying the rules instead of misbehaving.
"Obviously we don't want anyone to reach that 1 million number, so we tell them not to do it. The rules are there and they are transparent.
"But I can't tell you why someone would get a million (fine). That's not up to the president. But the FIA has to have the power to implement the rules and govern."
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Not all Binman , Alpine are valued at i think 800M, Williams less, any fine should be inline with a teams valuation or there points total ,thats farer Imo
If the FIA president is the wrong person to ask about what can get a million euro fine, who's the right one?
Its Flav , hes the one with the xxxl envelopes I heard
hahaha rare retort, Shrop'.
I entirely disagree. Why bring me into this?
A hundred, a million??? It really doesn't matter when the red mist comes calling.
I bet one of the Haas drivers will get the 1 million fine soon for a driving around with a damaged front wing...
Will Bin Slayem reveal where all this money they receive is expended? Both Liberty Media and the FIA have billions of dollars in income, but where is it spent? If they have a reporting mechanism for their accounts it seems to be undisclosed. Maybe it is in returns to the shareholders!
Fran, the FIA is a non-profit association and enjoys only about $50 million per year in revenue. I believe that they are only required to submit annual financial statements. Liberty Media is a publicly owned US corporation with fiduciary responsibility to its shareholders and must adhere to strict accounting standards. Their financial statements are published quarterly. Liberty's total annual revenue is about $7 billion of which about $2.5 billion comes from F1. That is revenue, not profit. The problem with Liberty is that they exist to make money, not race cars. If you really want to do a deep dive, the financial records of both entities are publically available. That is, I'm sure, more information than wanted and does not suggest that either is efficiently managed. Liberty is there for the bucks and the FIA is an old boys club.