Motor Sports

1/25/2023 |  F1 sends incendiary letter to FIA after Mohammed Ben Sulayem’s ‘inflated price tags of $20bn’ claim (CNBC Sports) Formula One bosses have accused FIA president Mohammed Ben Sulayem of “unacceptable” interference in the alleged sale of the sport.
After reports of a $20 billion (£16.3 billion) Saudi Arabian bid to buy F1′s commercial rights, Ben Sulayem raised concerns on Twitter about the potential consequences of an “inflated” takeover such as higher ticket prices for fans if the new owners tried to recoup their investment.

1/25/2023 |  Formula 1, Liberty Media Threaten Legal Action Over FIA Tweets (Front Office Sports) Lawyers representing F1 and Liberty Media wrote a letter, seen by Sky Sports, saying that FIA president Mohammed Ben Sulayem had overstepped his bounds in publicly discussing F1’s value.

• The letter was triggered by tweets from Ben Sulayem, who was responding to a Bloomberg report that Saudi Arabia’s Public Investment Fund was interested in bidding $20 billion for F1.
• Ben Sulayem called that figure an “inflated price tag” and asked potential buyers to “consider the greater good of the sport and come with a clear, sustainable plan — not just a lot of money.” 
• He also suggested that a huge purchase like that could lead to “increased hosting fees and other commercial costs” and have an ”adverse impact” on fans.

1/24/2023 |  Vegas GP Expected to Generate $1.3B, Double Super Bowl’s Impact (Front Office Sports)

• An analysis found that the Las Vegas Grand Prix will bring $1.3 billion in spending.
• The same firm projected the 2024 Super Bowl's impact at $600 million.

Formula 1’s Las Vegas Grand Prix will have more than double the economic impact of the Super Bowl, according to a recent analysis.

1/23/2023 |  Column: Roger Penske moves closer to shot at winning Le Mans (Associated Press (AP)) DAYTONA BEACH, Fla. (AP) — Roger Penske believes in goals, even when his to-do list is pretty well covered.
The one hole in the Team Penske trophy case can only be filled by the 24 Hours of Le Mans. Winning the most prestigious sports car race in the world is on Penske’s bucket list as his 86th birthday draws near.

1/20/2023 |  Saudi Arabia Reportedly Wants to Buy F1 for Over $20B (Front Office Sports)

• Saudi Arabia tried to buy Formula 1, according to Bloomberg.
• Liberty Media was reportedly not interested in selling.

Saudi Arabia reportedly looked into buying Formula 1 and remains interested, should the opportunity arise.
The country’s sovereign wealth fund, the $620 billion Public Investment Fund, was interested in purchasing the global racing series from Liberty Media, according to Bloomberg.