FIA president Mohammed bin Sulayem (left, with FIFA chief Infantino) disagreed with Formula 1 rights holder Liberty Media. Image: IMAGO/Mandoga Media
components 1
Formula 1 is 1,000,000 greenback enterprise. Eight months a yr, groups fly round the world and compete on virtually each continent. Next season, Formula 1 will host 23 Grands Prix for the first time – by no means earlier than.
Although all this consumes some huge cash, the racing collection is very profitable. Bloomberg Liberty Media, the American media firm that owns the industrial rights to Formula 1, revealed its enterprise figures for 2022 final November and did so. 715 million {dollars} have been reported.
Formula 1 is at the moment experiencing an actual increase.Photo: dpa / Hasan Bratic
Where a lot cash is concerned, an influence wrestle is virtually inevitable. Formula 1 additionally has behind the scenes A dispute over jurisdiction between rights holder Liberty Media and the FIA, the world’s motorsport affiliation, has raged for years. The battle-ridden historical past of the two sides lately added a brand new chapter – which, because it seems, could find yourself in court docket.
The watson app on your smartphone
According to Liberty Media, FIA president Mohammed Ben Sulayem has induced financial injury to Formula 1. On Monday, he took to Twitter to remark extensively on rumors that Saudi Arabia’s sovereign wealth fund desires to purchase Formula One for $20 billion.
The FIA president’s tweet has penalties
In his assertion, he urged Saudis to be wise earlier than shopping for and to have a strong, sustainable plan, not simply some huge cash. He additionally described the estimated $20 billion price ticket as “extreme.”
Liberty Media believes that Ben Sulayem went too far with this pointless intervention. The American firm instructed its attorneys to write down a letter to the FIA, “Sport1” studies. Accordingly, it says:
“The FIA has given an unequivocal dedication that it’s going to not take any motion that impacts the possession, administration and/or train of business rights. We consider that these feedback made by the official FIA social community account. Presidents are interfering with these rights in an unacceptable method.”
The FIA additionally maintains that Liberty “could also be held liable” for any damages induced.
Sport1 claims it is aware of Liberty Media is keen on promoting Formula 1 to the Saudis due to this fact hoping to attain most revenue. So they have to now take motion towards Ben Sulayem, who threatened to interrupt the deal for them.
It is stated that Liberty desires to ship out Ben Sulayem
The sports activities information company additionally steered that the FIA president, who has taken a positive view of racing situations in Saudi Arabia, could also be on a mission to drive down costs for potential Saudi patrons.
As such, Liberty is already wanting internally at Ben Sulayem’s seat and attempting to determine British David Richards as his successor at the FIA. Richards was a workforce director at Benetton and BAR.
Formula 1 is 1,000,000 greenback enterprise. Eight months a yr, groups fly round the world and compete on virtually each continent. Next season, Formula 1 will host 23 Grands Prix for the first time – by no means earlier than.