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Formula 1: Motorsport boss Mohammed Ben Sulayem warns of Saudi offer


Is Saudi Arabia now reaching for Formula 1? The kingdom is said to be interested in the takeover and wants to invest billions. The motorsport association Fia is skeptical.

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FIA boss Mohammed Ben Sulayem

Photo: IMAGO/DPPI / IMAGO/PanoramaC

In the debate about a takeover bid from Saudi Arabia allegedly worth billions for Formula 1, the President of the International Automobile Federation Fia has warned of the possible consequences.

"As the guardian of motorsport, the Fia, as a non-profit organization, is cautious when it comes to allegedly inflated price tags of 20 billion US dollars for Formula 1," warned Mohammed Ben Sulayem on social networks.

Any potential buyer is advised to "use common sense, keep the best interests of the sport in mind and come up with a clear, sustainable plan - and not just a lot of money," the official from the United Arab Emirates continued.

20 billion dollar offer is in the room

Ben Sulayem stressed: "It is our duty to consider the future impact on organizers in terms of higher staging fees and other commercial costs, as well as the potential negative impact on fans."

According to media reports, the Saudi Arabian sovereign wealth fund is said to have dealt with a takeover bid for Formula 1 last year.

There was speculation about a valuation of more than 20 billion US dollars (around 18.4 billion euros).

The current Formula 1 owner Liberty Media had paid around 4.4 billion US dollars in 2017.

As an international umbrella organization, the Fia is, among other things, the guardian of the rules of Formula 1, but de facto has no influence on the operational business of the motorsport premier class.


Source: spiegel

All sports articles on 2023-01-24

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