Recent searches
Search options
#FIA President Mohammed Ben Sulayem and Liberty Media, the owners of #FormulaOne Group, have found themselves embroiled in a war of words.
It all started a few days ago when a #Bloomberg News article revealed a failed attempt by Saudi Arabia’s sovereign wealth fund to acquire #F1. At the time the series was valued at "well above $20 billion including debt."
The bid by #SaudiArabia, which would have made the purchase through its public investment fund, was ultimately unsuccessful because Liberty Media was not interested in selling. A look at Liberty Media Stock, which tracks the value of #F1, would value the series at roughly over $15 billion,
A few days later, Mohammed Ben Sulayem responded by cautioning that $20bn price tag in a series of tweets on #Twitter.
"As the custodians of motorsport, the #FIA, as a non-profit organisation, is cautious about alleged inflated price tags of $20bn being put on #F1," he wrote. "Any potential buyer is advised to apply common sense, consider the greater good of the sport and come with a clear, sustainable plan – not just a lot of money."
He continues: "It is our duty to consider what the future impact will be for promoters in terms of increased hosting fees and other commercial costs, and any adverse impact that it could have on fans."
This did not go over well with Formula 1 management, who have since accused the FIA President of interfering with the ownership and management of the #F1 Championship.
Lawyers from Liberty Media sent a letter to the FIA, which contained some harsh words for Ben Sulayem.
"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."