The FIA appeals for “common sense” after a $20 billion offer to buy F1

In 2017, Liberty Media purchased Formula 1 for $4.4 billion, and it is clear that in this period of time, the premier category has experienced a resurgence in popularity since the acquisition, notably due to the success of the documentary series “Drive to Survive” on Netflix.

Last weekend, an article published by Bloomberg revealed that a $20 billion offer, from the Saudi sovereign fund, had been made to the current owners. A potential massive return on investment in just a few years, but the offer was ultimately rejected, not without drawing reactions from observers.

As the lessee of commercial rights for Formula 1 until 2110, the FIA, through its president Ben Sulayem, felt compelled to respond, as a sale of the championship at such a high price could lead to unexpected consequences.

The president emphasizes that any new owner who would have spent so much money to buy F1 would seek to accelerate returns, which could lead to a significant increase in hosting fees for race promoters. This would force a rise in ticket prices, thereby depriving fans of the opportunity to attend races.

« As guardians of motorsport, the FIA, as a non-profit organization, is skeptical of the alleged reported sum of 20 billion dollars for Formula 1,” Ben Sulayem stated on Twitter.

It is advisable for any potential buyer to use common sense, consider the greater good of the sport, and propose a clear and sustainable plan – not just a lot of money.

« It is our duty to consider what the future impact will be for the promoters in terms of increased hosting fees and other business costs, as well as any negative impact it may have on the fans. »

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. (1/3)

— Mohammed Ben Sulayem (@Ben_Sulayem) January 23, 2023