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The FIA has rebutted former president Jean Todt\u2019s claims that Mohammed Ben Sulayem\u2019s concerns over the historical state of the organisation\u2019s finances were overstated. According to FIA accounts, losses have reduced from \u00a320.6 million (\u20ac24 million) in 2021 to a forecasted \u00a32.58m (\u20ac3 million) for the 2023 season.<\/p>\n
Todt stepped down from his term as F1 president in 2021 having been first elected in 2009. The former Ferrari director served three elected terms as FIA president and left behind a strong legacy, but according to the latest figures, his successor inherited an alarming financial predicament.<\/p>\n
In an interview with L\u2019Equipe, Todt stated: \u201cEach year, the accounts have been largely profitable, except the last two years, marked by the COVID crisis, which could have finished the federation if we had not succeeded in quickly building the conditions which allowed F1 to be the first international competition to be organised despite lockdowns.\u201d<\/p>\n
However, a response from an FIA spokesman has dismissed Todt\u2019s suggestions, stating: \u201cAs 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.<\/p>\n
Click here to join our WhatsApp community to be the first to receive breaking and exclusive F1 news.<\/strong><\/p>\n Don’t miss… <\/strong> F1 team confirms new name for 2024 season as full grid announced[LATEST] <\/strong><\/p>\n \u201cThe senior leadership\u2019s mission is to sustain the FIA, and while we are not for profit, we do need to at least have balanced books and ideally create a surplus to strengthen equity for unforeseen events and to invest in research and development in the areas of safety, technology, and regulation across sport and mobility and to meet our primary purpose of supporting our member clubs.<\/p>\n \u201cWe will be releasing figures for 2021-22 in the coming weeks and 2023 figures in mid-June 2024 for the extraordinary general assembly.\u201d<\/p>\n As detailed in the FIA\u2019s accounts, F1\u2019s governing body lost a combined \u00a350.6m (\u20ac58.9m) between 2019 and 2021. However, after Ben Sulayem\u2019s election at the end of that year, the deficit was cut down to \u00a36.6m (\u20ac7.7m) in 2022.<\/p>\n More F1… <\/strong>
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