In 2021, a Formula 1 race was held in Saudi Arabia for the first time. Crown Prince Mohammed bin Salman walks through the starting line-up.Image: imago images/Motorsport Images
Motorsports
Formula 1 is currently experiencing an unprecedented boom. The racing series is increasingly opening up huge markets such as China and the USA. Especially in the States, the hype surrounding the premier class of motorsport is huge – also due to the great success of the Netflix series “Drive to Survive”, the fifth season of which will be released on February 24th.
For the US media company Liberty Media, which has held the rights to Formula 1 since 2016, the investment seems to have paid off. At that time, the Americans paid 4.4 billion US dollars to Bernie Ecclestone’s company – the booming racing series is now said to be worth five times as much.
The news agency recently reported that Bloombergthat Saudi Arabia wants to buy Formula 1 from Liberty Media – for an unbelievable 20 billion dollars.
The money is to come from the Saudi state fund PIF (Public Investment Fund), with which the sheikh’s regime has already bought the English football club Newcastle United.
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Liberty is said to have rejected the offer, reports Bloomberg. So far, neither Formula 1 nor Saudi Arabia has commented on the rumors. The world motorsport association FIA already, in the person of its president Mohammed Ben Sulayem.
FIA boss Ben Sulayem warns of consequences for fans
Although he could not confirm the report either, he made it clear what the FIA thought of the alleged takeover plans. “Any potential buyer should use common sense and consider the greater good of the sport and have a clear, sustainable plan – not just a lot of money,” warns Ben Sulayem without naming specifics.
The FIA boss continues: “It is our duty to discuss the future impact on promoters in terms of higher race fees and other commercial costs and any adverse impact it might have on fans“.
In an interview with the English-language portal “motorsport.com” he justifies this concern as follows: Anyone who pays so much money for a product will make it more expensive in some places “to get the money back”. Promoters might then have to pay more money to be able to host the races and might be forced to pass the new fees on to fans, for example in the form of higher ticket prices.
Sulayem finds alleged offer “excessive”
The FIA boss rated the alleged offer from the Saudis as “exaggerated”. “Speaking with common sense: is Formula 1 worth that much?” he asks in an interview with “Motorsport.com”.
Ben Sulayem also emphasizes that his motorsport association should be at the table in possible discussions about the future of Formula 1. “So far it’s just rumors anyway. But I think the FIA should also be part of these talks or offer advice.”
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