FIA hits back at Todt: 'The financial situation was untenable'
F1 News
- Toby McLuskie
First it was FIA president Mohammed Ben Sulayem who accused his predecessor Jean Todt of leaving a financial mess behind. To that, Todt responded last week with a rebuttal: he thought it was a misrepresentation. And now it is the FIA's turn again to respond to the Frenchman's statements.
Briefly, what did the FIA, through a spokesperson, let Motorsport.com know? There was indeed a financial shortfall at the International Motorsport Federation: "As the FIA president outlined during the annual general assemblies week in Baku, the FIA has been transparent in revealing that soon after the new presidential team took office, the financial state that was discovered was unsatisfactory and unsustainable. The federation was incurring significant losses," it is stated.
FIA suffered tens of millions of losses
According to the FIA's annual accounts, the governing body's losses amounted to €12.8 million in 2019, €22.1 million in 2020 and €24 million in 2021. In early 2022, Ben Sulayem came to the helm of the FIA and he reduced the loss to €7.7 million in 2022. The motorsport federation is expected to have a deficit of three million euros this year. Figures for 2023 will be announced at a later date.
The FIA hopes to further reduce the expected loss in 2024. The hope is that by '25, the global motorsport federation can at least break even.