FIA president fires warning after Saudi PIF's £16bn F1 'buyout attempt'

23 January 2023 , 17:32

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FIA president Mohammed ben Sulayem has responded to the report of an attempted Saudi buyout of F1 (Image: Getty Images)

The president of the FIA called for "common sense" from parties interested in buying Formula 1 in the wake of a report revealing a £16bn attempt to purchase the sport last year.

As reported by Bloomberg, the Saudi Arabian Public Investment Fund (PIF) weighed up that massive bid for the sport in 2022. The huge wealth fund, which counts Premier League football club Newcastle United among its many assets, is interested after F1's massive growth in recent years under current owners Liberty Media.

Considering Liberty paid £3.3bn to buy F1 back in 2017, such an offer would have represented a massive profit. Regardless, the report went on to add that the Saudi approach was rejected out of hand, though the PIF is said to remain interested in owning the sport should the opportunity arise in the future.

The FIA, F1's governing body which leases out the its commercial rights, remained silent in the few days after the report came to light. But on Monday president Mohammed ben Sulayem made his feelings clear in a social media post.

He wrote 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." Ben Sulayem also warned that it will take more than just a big pile of cash for anyone to take control of the sport.

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"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. 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."

In an interview with Autosport, the FIA chief went on to poke holes in the original report, including casting doubt on the price tag quoted. "I think, honestly, it is inflated. It's exaggerated. Talking with common sense, is it worth that much?" Ben Sulayem said.

"[If it is] then what do we do? We would have to charge to recover that money. How much would we charge the local promoter? I'm just looking at the rationale behind it, the logic. Because you have to have a plan.

"Up to now though, it's rumours. But I believe also the FIA should be part of talks, or offer advice, because the FIA owns the championship. We lease it, it is true. But I just want to ensure we have clarity so we can go forward."

Daniel Moxon