Each time F1 has changed ownership, the valuation numbers catch fans around the world by surprise. It was only in 2017 that Liberty Media took over the sport for $4.4 billion. As we moved into 2023, Saudi Arabian Public Investment Fund (PIF) offered a mind-numbing $20 billion for the same. As Liberty Media turned down the offer, FIA boss Mohammed bin Sulayem cited the value to be inflated. Red Bull consultant Helmut Marko has come out in support of F1, but the reason does not relate to valuation.

Lately, we have been hearing the term “sportswashing” quite a lot. For the uninitiated, the term is used to describe a practice of hosting or investing in sports or sporting entities to improve reputations tarnished by wrongdoing (like human rights violations). A number of middle-eastern countries have come under the scanner for such practices in the recent past.

While Helmut Marko’s latest comments do not refer to the issue, his concerns are more on the cultural side of things. Speaking on the F1’s possible Saudi takeover with RTL and Sport.de, Marko said, “I think it wouldn’t be so good if it went to a country that is culturally different from where most of the races take place.” [Translated using Google]

“And generally it’s a commercial thing, and that’s more likely to happen with someone who meets normal corporate standards, if you want to put it that way.”

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Lately, things haven’t been going well between F1 and the FIA. The biggest reason behind it is Mohammed bin Sulayem’s comments. From the issue of Mario Andretti’s possible entry into the sport in the future to F1’s valuation, Sulayem’s comments haven’t helped him make many friends in F1.

F1 and Liberty Media lash out at FIA

Sky Sports recently got their hands on a letter addressed to the FIA. The letter was from Sacha Woodward Hill, F1’s legal supremo, and Renee Wilm, chief legal and administrative officer of Liberty Media Corporation. It expressed displeasure over Sulayem’s “inflated” comment on F1’s valuation.

The letter stated, “We consider that those comments, made from the FIA president’s official social media account, interfere with those rights [Liberty Media Corporation’s exclusive right to exploit the commercial rights of the championship] in an unacceptable manner.”

“Any individual or organization commenting on the value of a listed entity or its subsidiaries, especially claiming or implying possession of inside knowledge while doing so, risks causing substantial damage to the shareholders and investors of that entity, not to mention potential exposure to serious regulatory consequences.”

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The 2024 season is right around the corner and it doesn’t look like the tussle between F1 and FIA will stop anytime soon. Here’s hoping that the racing action does not suffer as a consequence of the ongoing battle.