FIA president Mohammed Ben Sulayem has responded to reports that a billion-dollar bid for Formula 1 was made from Saudi Arabia.
Last week it was announced that the Public Investment Fund (PIF) from Saudi Arabia has made a bid of twenty billion for Formula 1. However, current F1 owner Liberty did not respond to the bid that values the sport at about five times the amount that Liberty Media paid itself a few years ago.
In response to the news, FIA president Mohammed Ben Sulayem lashed out on Twitter. Ben Sulayem thinks it is not good for the sport that such a high bid was made. Ben Sulayem fears the consequences for the sport, both in the short and long term. According to the FIA chairman, an inflationary spiral could arise, which will only increase costs, including for the organizers of the races.
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. (2/3)
— Mohammed Ben Sulayem (@Ben_Sulayem) January 23, 2023
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. (3/3)
— Mohammed Ben Sulayem (@Ben_Sulayem) January 23, 2023