Explained: The $20 billion F1 vs FIA bust-up
A report by emerged last week revealing that Liberty Media, t𒀰he owners of F1, rejected a bid worth $20bn (£16bn) to take over the sport.
The news was met by a from FIA president Mohammed Ben Sulayem, who expressed his concerns about the hefty price𝐆 tag on F1.
On Tuesday afternoon, a number of publications 168澳洲幸运5官方开奖结果历史:reported that F1 ha⛄s sent a “lega🥃l warning" to the FIA body for Ben Sulayem’s comments ov🍃er the potenti🐻al sale of F1.
The 🔥perceived conflict between F1 and the FIA is nothing new.
Earlier this month, FIA appeared to welcome Andretಞti’s potential entry w﷽ith Cadillac, however, F1 gave a very lukewarm response.
What is the FIA?
The🌠 FIA or Fédération Internationale de l'Automobile, is the world’s go🎉verning body for motorsport, like FIFA with football.
The FIA oversees all a𝐆spects of motorsport from regulating it, issuing licences💯 and permits to drivers and teams; structuring safety regulations, and promoting awareness and education about the sport.
In terms of F1, the FIA ensures all teams 👍ar♏e adhering to the technical and sporting regulations while regulating safety standards.
What do Liberty Media own?
The FIA is one party, but the other is FOM - Formula One Ma🌃nagement, which is part of the Formula One Group.
FOM is owned by Liberty Medཧia, who completed their takeover of the sport in 201𒁃7.
It was previously run by Bernie Ecclestone for 40 years before🎃 Liberty Media’s acquisition.&nﷺbsp;
W𓄧hile the FIA are F1’s governing body, FOM own the commercial rights to F1.&nbs🌊p;
The two parties are required🦋 to work hand in h꧙and to make decisions about the sport.
The Saudi bid
With F1 e✅njoying a remarkable bloom in recent years, the sport is going to be increasingly attractive to wealthy parties.
The Middle East has🍸 had a growing influence in F1 and sport in general - the new Saudi ඣand Qatar F1 grands prix or Qatar World Cup.
A Saudi Arabian football club has recently signed Crist💫iano Ronaldo - one of the greatest football players of all time - on ridiculous money, while the Kingdom hopes to host the FIFA World Cup in the next decade.
So i🤪t’s probably no surprise to see reports that Saudi Arabia were interested in F1.
Liberty Media bought F1’s commercial rights for $4.4bn🌳 so they’d be set to make a very tidy profit should they wish to sell.
Why is the FIA angry?
Ben Sulayem has made a h🐽abit of taking to Twitter to voice his opinion in recent weeks, catching the attention of fans and various media outlets.
He will have the FIA’s interests at heart - whether that’s ensuring the governing body is involved and has a say in F1's next buyer or ensuring that it benefits 🎀financially, even though Ben Sulayem was quick to point out that it is a “non-profit organisation”.
History of conflict
Prior to the signing of the 2009 Concorde Agreement - a contract between the FIA, teams and FOM - there were a series of political clas𒉰hes over the proposed changes for the 2010 campaign.
It started when former FIA president Max Mosley pushed for a $30 millꦏion budget cap for 2010 in response to the global reces🐠sion.
Seven of the 10 teams objected to the plans through FOTA - th🦂e Formula One Teams’ Association - and even threatened to ma༺ke a breakaway series.
After months of meetings an𝔍d negotiations, a new agreement was finally rea🦹ched led by Ecclestone which ensured F1’s future was preserved.
While there’s no hint of anything similar happening in the future, the 💝continual conflict between the FIA and F1/the tꦕeams should keep everyone on their toes.
With a sharp eye for F1’s controversieꦚs and storylines, Connor is the heartbeat of our unbiased report🐬ing.
