Skip to content

CR7 Soccer

Play With US & Win Sports

Menu
  • Home
  • About US
  • Contact US
  • Privacy Policy
Menu

F1 sends incendiary letter to FIA after Mohammed Ben Sulayem’s ‘inflated price tag of $20bn’ claim

Posted on January 24, 2023

The warning came after comments made by Mohammed Ben Sulayem on Twitter following reports that a potential buyer had offered $20bn for F1; the letter, which has been seen by Sky News, threatens to escalate tensions between Formula 1 and the FIA

By Mark Kleinman, Sky News City editor

Last Updated: 24/01/23 2:55pm

F1 and the FIA have clashed after Mohammed Ben Sulayem's Twitter post

F1 and the FIA have clashed after Mohammed Ben Sulayem’s Twitter post

F1 bosses have sent an incendiary letter to the FIA following a claim that it is not worth $20bn (£16.3bn).

F1’s general counsel, Sacha Woodward Hill, and Renee Wilm, chief legal and administrative officer of Liberty Media Corporation, F1’s controlling shareholder, have accused the FIA – motorsport’s governing body – of straying beyond its remit, in a letter seen by Sky News.

In the letter, the legal chiefs argue that FIA president Mohammed Ben Sulayem “interfered with our [commercial] rights in an unacceptable manner” when he referred to an “alleged inflated price tag of $20bn” being placed on the sport.

He added that a potential buyer of F1 should “come with a clear, sustainable plan – not just a lot of money”.

Mr Ben Sulayem’s comments, posted on Twitter on Monday, came in response to a report last week by Bloomberg News that Saudi Arabia’s sovereign wealth fund had explored a $20bn takeover bid for the sport in 2022.

Twitter Due to your consent preferences, you’re not able to view this Privacy Options
Twitter Due to your consent preferences, you’re not able to view this Privacy Options

Sky Sports News reported on Monday that bosses at F1 were unhappy with the social media post and tensions between the two bodies escalated on Tuesday when legal bosses sent the letter to the FIA.

Neither F1 nor Saudi’s Public Investment Fund have commented on the report.

Craig Slater explains why some within Formula 1 believe FIA president Mohammed Ben Sulayem has overstepped the mark by commenting on reports of a potential bid for the series

Please use Chrome browser for a more accessible video player

Sky Sports

Craig Slater explains why some within Formula 1 believe FIA president Mohammed Ben Sulayem has overstepped the mark by commenting on reports of a potential bid for the series

Craig Slater explains why some within Formula 1 believe FIA president Mohammed Ben Sulayem has overstepped the mark by commenting on reports of a potential bid for the series

The letter, a copy of which was forwarded to F1 teams including Ferrari and Mercedes on Tuesday, warned the FIA that “Formula 1 has the exclusive right to exploit the commercial rights in the FIA Formula One World Championship” under a 100-year deal.

“Further, the FIA has given unequivocal undertakings that it will not do anything to prejudice the ownership, management and/or exploitation of those rights.

“We consider that those comments, made from the FIA president’s official social media account, interfere with those rights in an unacceptable manner.”

The response to Mr Ben Sulayem’s comments comes at a time of heightened tensions between F1 and its governing body.

The letter from Ms Woodward Hill and Ms Wilm also said the suggestion, implicit in the FIA president’s remarks, “that any potential purchaser of the Formula 1 business is required to consult with the FIA is wrong”.

It added that Mr Ben Sulayem had “overstep[ped] the bounds of the FIA’s remit”, saying that “any individual or organisation commenting on the value of a listed entity or its subsidiaries, especially claiming or implying possession of inside knowledge while doing so, risks causing substantial damage to the shareholders and investors of that entity, not to mention potential exposure to serious regulatory consequences”.

“To the degree that these comments damage the value of Liberty Media Corporation, the FIA may be liable as a result.”

Contacted by Sky News, an F1 spokesperson declined to comment. The FIA could not be reached for comment.

Get Sky Sports to see every race of the F1 season


#sends #incendiary #letter #FIA #Mohammed #Ben #Sulayems #inflated #price #tag #20bn #claim

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Enzo Fernandez’s conduct before Chelsea move criticised by Benfica chief Rui Costa – Paper Talk | Transfer Centre News
  • West Brom into fifth after win against Coventry
  • Chelsea 0 – 0 Fulham
  • Howard Webb on transparent decision-making, the role of VAR and Manchester derby offside controversy | Football News
  • Chelsea's new signings frustrated by Fulham

Recent Comments

No comments to show.

Archives

  • February 2023
  • January 2023

Categories

  • Uncategorized
©2023 CR7 Soccer | Design: Newspaperly WordPress Theme