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F1 sends incendiary letter to FIA after Mohammed Ben Sulayem’s ‘inflated price ticket of $20bn’ declare

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The warning got here after feedback made by Mohammed Ben Sulayem on Twitter following reviews {that a} potential purchaser had supplied $20bn for F1; the letter, which has been seen by Sky Information, threatens to escalate tensions between Components 1 and the FIA

Final Up to date: 01/24/23 3:35pm


F1 and the FIA ​​have clashed after Mohammed Ben Sulayem’s Twitter put up

F1 bosses have despatched an incendiary letter to the FIA ​​following a declare that it’s not price $20bn (£16.3bn).

F1’s basic counsel, Sacha Woodward Hill, and Renee Wilm, chief authorized and administrative officer of Liberty Media Company, F1’s controlling shareholder, have accused the FIA ​​- motorsport’s governing physique – of straying past its remit, in a letter seen by skynews.

Within the letter, the authorized chiefs argue that FIA president Mohammed Ben Sulayem “interfered with our [commercial] rights in an unacceptable method” when he referred to an “alleged inflated price ticket of $20bn” being positioned on the game.

He added {that a} potential purchaser of F1 ought to “include a transparent, sustainable plan – not simply some huge cash”.

Mr Ben Sulayem’s feedback, posted on Twitter on Monday, got here in response to a report final week by BloombergNews that Saudi Arabia’s sovereign wealth fund had explored a $20bn takeover bid for the game in 2022.

Sky Sports activities Information reported on Monday that bosses at F1 had been sad with the social media put up and tensions between the 2 our bodies escalated on Tuesday when authorized bosses despatched the letter to the FIA.

Neither F1 nor Saudi’s Public Funding Fund have commented on the report.

Craig Slater explains why some within Formula 1 believe FIA ​​president Mohammed Ben Sulayem has overstepped the mark by commenting on reports of a potential bid for the series

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Craig Slater explains why some inside Components 1 imagine FIA ​​president Mohammed Ben Sulayem has overstepped the mark by commenting on reviews of a possible bid for the sequence

Craig Slater explains why some inside Components 1 imagine FIA ​​president Mohammed Ben Sulayem has overstepped the mark by commenting on reviews of a possible bid for the sequence

The letter, a replica of which was forwarded to F1 groups together with Ferrari and Mercedes on Tuesday, warned the FIA ​​that “Components 1 has the unique proper to take advantage of the business rights within the FIA ​​Components One World Championship” below a 100-year deal.

“Additional, the FIA ​​has given unequivocal undertakings that it’ll not do something to prejudice the possession, administration and/or exploitation of these rights.

“We contemplate that these feedback, constructed from the FIA ​​president’s official social media account, intrude with these rights in an unacceptable method.”

The response to Mr Ben Sulayem’s feedback comes at a time of heightened tensions between F1 and its governing physique.

The letter from Ms Woodward Hill and Ms Wilm additionally stated the suggestion, implicit within the FIA ​​president’s remarks, “that any potential purchaser of the Components 1 enterprise is required to seek the advice of with the FIA ​​is improper”.

It added that Mr Ben Sulayem had “overstep[ped] the bounds of the FIA’s remit”, saying that “any particular person or group commenting on the worth of a listed entity or its subsidiaries, particularly claiming or implying possession of inside data whereas doing so, dangers inflicting substantial harm to the shareholders and buyers of that entity, to not point out potential publicity to critical regulatory penalties”.

“To the diploma that these feedback harm the worth of Liberty Media Company, the FIA ​​could also be liable because of this.”

Contacted by Sky Information, an F1 spokesperson declined to remark. The FIA ​​couldn’t be reached for remark.

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