We wrote about the FIA president’s comments about the willingness of the Saudi Arabian sovereign wealth fund to pay $20 billion for Formula 1. On social media, Mohammed bin Sulayem stated: “The FIA, as a non-profit organization, is responding with caution with the highly exaggerated $20 billion price allegedly set for Formula 1. 1″.
In response, Formula 1 lawyers submitted a warning to the FIA about an override and a possible threat to the sport’s value, which could harm Liberty Media and its shareholders.
A letter from Liberty Media representatives quoted Sky News as reminding the FIA that Formula 1 has a 100-year commercial rights contract, with the federation giving guarantees “not to do anything that could damage property”. , management or use of these rights”.
The letter says Ben Sulayem’s comments “infringe these rights in an unacceptable way, and the premise that a potential buyer of Formula 1 should consult the FIA is fundamentally wrong.”
“Any person or entity commenting on the value of a publicly traded company or its subsidiaries, especially when disclosing or implying inside information, risks causing material harm to shareholders and investors of that entity, not to mention not to mention the potential consequences of regulatory fallout.
To the extent that these comments damage the value of Liberty Media Corporation, the FIA may be held liable,” Formula 1 said in a letter.
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.