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Featured F1: Did F1 Sale Break FIA's Own Rules?

Discussion in 'Formula 1' started by Bethonie Waring, Jan 29, 2017.

  1. Bethonie Waring

    Bethonie Waring
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    fia conflict of interest.jpg The sale of Formula One to Liberty Media may have involved the FIA breaking its own Code of Ethics.

    The FIA is not permitted to “perform their duties in situations involving an existing or potential conflict of interest”, which should have stopped them completing their role in the sale of F1. As F1’s governing body, the FIA was required to complete a “fit and proper persons test” of Liberty before the sale.

    However, former owners CVC sold shares of the sport to the FIA in 2013. The cut-rate price of $500,000 bought the FIA a 1% stake, but the sale of F1 to Liberty earned the governing body nearly $80 million. So, when the FIA were asked if Liberty were “fit and proper”, that also meant asking “do you want to earn $79.5 million?”, which may qualify as a conflict of interest.

    Though F1 CEO Chase Carey says he was not involved in the sale, he commented on the situation.

    “[The FIA] owned a percentage. They got a fair value for what they owned,” he told ITV. “My experience of them is a handful of months. They regulate the sport in a fair and even handed way.”

    For more Formula One news and discussions head over to the RaceDepartment Formula One sub forum and join in with your fellow community members.

    What do you think? Let us know in the comments below!
     
    Last edited by a moderator: Jan 30, 2017
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  2. CMGARAGE

    CMGARAGE
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    Hang on! Isn't Bethonie Waring an anagram of 'BERNIE AIN'T WRONG'?

    We're on to you, Mr. Ecclestone. :O_o:
     
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  3. BoogerMac

    BoogerMac
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    Sounds like some nonsense Bernie's legal team came up with...
     
  4. Boby Kim

    Boby Kim

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    Where are the match fixing numbers:whistling:
     
  5. Bethonie Waring

    Bethonie Waring
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    Nearly.

    I'm not a deranged old man and you can't prove otherwise :p
     
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  6. Lorenzo Bonder

    Lorenzo Bonder
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    [​IMG]

    THE THREAD HAS BEEN LIT.

    And on topic now:

    Let's just say that F1, F1 teams, F1 managers and owners have taken a liking in "bending the rules". So that shouldn't come as a surprise.