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F1 accuses FIA president of ‘unacceptable’ remarks over sport’s worth

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F1 accuses FIA president of ‘unacceptable’ remarks over sport’s worth

2023-01-24 16:30:01

The homeowners of Formulation One have accused FIA president Mohammed Ben Sulayem of “interfering” within the business rights of the game in an “unacceptable method” after he commented on the worth of F1 on Twitter.

In a collection of tweets on Tuesday, Ben Sulayem reacted to a Globalnews24.eu report that Saudi Arabia’s Public Funding Fund (PIF) had thought-about a bid of $20 billion to purchase F1.

The FIA president described the determine as an “inflated price ticket” and mentioned it was the obligation of the FIA to think about the influence such a valuation may have on race promoters and followers.

The authorized heads of F1 and its proprietor, Liberty Media, reacted to Ben Sulayem’s tweets by sending a letter to the FIA, excerpts of which had been printed by Sky Information, saying his feedback had “overstep[ped] the bounds of the FIA’s remit”.

It added: “Commenting on the worth of a listed entity, particularly claiming or implying possession of inside data whereas doing so, dangers inflicting substantial harm to the shareholders and traders of that entity, to not point out potential publicity to severe regulatory penalties.

“To the diploma that these feedback harm the worth of Liberty Media Company, the FIA could also be liable consequently.”

F1’s business rights, that are cut up from the regulatory facet of the game by a 100-year lease, had been purchased by Liberty Media in 2017 for $4.4 billion.

F1’s letter added that, below the phrases of the 100-year lease, “Formulation One has the unique proper to use the business rights within the FIA Formulation One World Championship.

“Additional, the FIA has given unequivocal undertakings that it’ll not do something to prejudice the possession, administration and/or exploitation of these rights.

“We think about that these feedback, made out of the FIA president’s official social media account, intrude with these rights in an unacceptable method.”

The letter additionally performed down options that the FIA would have a say within the sale of Formulation One to a brand new proprietor ought to Liberty Media select to promote it.

“The circumstances by which the FIA would have any function in a change of management of the F1 group are very restricted,” it added.

“Any suggestion or implication on the contrary, or that any potential purchaser of the F1 enterprise is required to seek the advice of with the FIA, is fallacious.”

F1 and the FIA declined to touch upon the letter when contacted by ESPN.



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