FIA president Mohammed bin Sulayem responded to recent reports that Saudi Arabia’s sovereign wealth fund is willing to pay $20 billion for Formula 1. Liberty Media reportedly received such an offer last year, but was turned down.
“As guardians of motorsport’s tradition, the FIA, as a non-profit organisation, is wary of the grossly exaggerated $20 billion price reportedly set for Formula 1,” the federation’s president said via social networks. . “We recommend that any potential buyer use common sense and offer not only a lot of money, but also a clear and reasonable plan for the benefit of our sport.
It is our duty to analyze what the future holds for race promoters in terms of increased grand prix host fees and other commercial costs, and to consider any ambiguous implications of such moves for fans.”
Source: F1 News
I am Christopher Clyde, an experienced journalist and content writer with a passion for sports. I have been writing about Formula 1 news for the past five years and am currently employed as an author at athletistic.com, one of the top sports websites in the US.
