Jan.24 (GMM) 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 million 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.
Liberty Media bought Formula 1 in 2017 for $4.6 million, 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.
Miami Grand Prix
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2023 marks the historic 80th anniversary of the iconic Monaco Grand Prix. Widely considered to be one of the most important and prestigious automobile races in the world the Monaco Grand Prix is still truly the crown jewel of Formula 1.