FIA Responds to Todt: Financial Situation Was Untenable

The FIA has confirmed that it suffered significant financial losses under the leadership of former president Jean Todt, with losses amounting to €12.8 million in 2019, €22.1 million in 2020, and €24 million in 2021, but the new president, Mohammed Ben Sulayem, has managed to reduce the loss to €7.7 million in 2022.

Highlights

‣ FIA president Mohammed Ben Sulayem accused his predecessor Jean Todt of leaving a financial mess behind, which Todt denied.
‣ The FIA confirmed through a spokesperson that there was a financial shortfall, stating that the financial state discovered was unsatisfactory and unsustainable.
‣ The FIA’s losses amounted to €12.8 million in 2019, €22.1 million in 2020, and €24 million in 2021. Ben Sulayem reduced the loss to €7.7 million in 2022.
‣ The FIA aims to further reduce the expected loss in 2024 and hopes to break even by 2025.


FIA president Mohammed Ben Sulayem didn’t hold back. He pointed fingers at his predecessor, Jean Todt, accusing him of leaving a financial disaster in his wake. Todt didn’t take it lying down. He fired back last week, calling Sulayem’s accusations a misrepresentation. Now, it’s the FIA’s turn to respond to Todt’s rebuttal.

So, what’s the FIA’s side of the story? A spokesperson for the International Motorsport Federation didn’t mince words when speaking to Motorsport.com. They confirmed a financial shortfall. As per the FIA president’s revelations during the annual general assemblies week in Baku, the financial state they found themselves in was far from satisfactory. It was unsustainable. The federation was bleeding money, and it was significant.

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The FIA’s losses were staggering. Their annual accounts showed losses of €12.8 million in 2019, €22.1 million in 2020, and €24 million in 2021. When Ben Sulayem took over the FIA in early 2022, he managed to reduce the loss to €7.7 million. Still, the motorsport federation is expected to run a deficit of three million euros this year. The figures for 2023 are yet to be announced.

The FIA isn’t throwing in the towel just yet. They’re hopeful of further reducing the expected loss in 2024. By 2025, the global motorsport federation aims to at least break even.

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Albert Ramirez
Albert Ramirez
Albert Ramirez is a senior writer at F1Highlights.com. With a passion for motorsports, Albert brings a unique perspective to the world of Formula One. With over five years of experience as a sports reporter, he has honed his skills in capturing the essence of the sport.

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