F1 Head Honcho Uses $240 Million Las Vegas GP Investment as a Shield to Deny Surprising F1 Rumors

The differences between Liberty Media and the FIA have come out in the open recently. While it all started with a difference of opinion on Mario Andretti and Cadillac’s potential entry into the sport, the gap between the two giants increased after the FIA president’s “inflated” comment on F1’s $20 billion valuation. F1 boss Stefano Domenicali has now come out to reiterate the fact that it is not for sale, citing the massive investment projects in the pipeline.

Bloomberg recently broke the story of Liberty Media turning down a potential $20 billion sale of F1. Soon after that, FIA’s Mohammed Ben Sulayem called the figure “inflated” and that did not go down well with the opposite party. Both F1 and Liberty Media’s legal departments sent out a harshly worded letter to the FIA, expressing their displeasure over Ben Sulayem’s comments. F1 CEO has now come out to put any ambiguities to rest.

In a recent interview with Sky Sports when asked if F1 is for sale, Domenicali said, “Well, that’s a question you should ask to my shareholders but I don’t think so because we are investing in Formula 1. You see what we put in terms of real money in, for example, in Las Vegas, we bought a piece of land for $240 million. We are building new facilities there, so we’re going to invest more than half a billion there.”

“So, we are very very happy and I’m connected with my shareholders every week. It’s really the jewel of the portfolio and they feel very comfortable what we’re doing. Of course, if you look at the value, the value has been phenomenal because I think that we are delivering a good job altogether. So, I don’t think that is on the table of my shareholders.”

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While the tussle between both giants has come out in the open recently, an F1 expert recently revealed it was nothing new.

Karun Chandhok spills the beans on F1 and FIA’s relationship

In a recent episode of Sky Sports’ official podcast, Chandhok talked about the deal between Bernie Ecclestone and Max Mosley. As per the deal, F1’s commercial rights rest in the hands of its management by virtue of a 100-year lease. It is plausible that Ben Sulayem and FIA aren’t aware of the lease and therefore believe that they have the right to benefit from the sale of F1.

Talking about the fracture in the two bodies’ relationship, Chandhok told, “The relationship is on the edge between the FIA and F1. Publicly, last year, they played nice. But we know, from behind the scenes in the paddock, it was all getting fractious. From the letter fired across, it is clear that it’s now open war!”

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Given that the new season is right around the corner and significant investments are in place, F1 and FIA must work together to make it a success. There simply is too much at stake.