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Featured FIA Denies "Conflict of Interest" in F1 Sale

Discussion in 'Formula 1' started by Bethonie Waring, Feb 16, 2017.

  1. Bethonie Waring

    Bethonie Waring
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    FIA conflict of interest 1.jpg The FIA have denied having a conflict of interest when they approved the sale of Formula One to Liberty Media.

    It was reported earlier this year that the FIA profited from the sale, earning more than £63 million. There have been calls for this, as well as the “anti-competitive practices” in F1, to be investigated by the European Parliament, which has prompted the FIA to issue a statement on the subject.

    “There is no conflict of interest on the part of the FIA with regard to its approval of the change of control of the Commercial Rights Holder (CRH) which has been approved by the World Motor Sport Council taking into consideration exclusively the terms of the existing agreements between the CRH and the FIA, and the best interests of the championship,” the FIA said in a statement.

    “As per the Agreements made in 2001 for 100 years, the FIA could only have withheld its consent in the event that the change of control would materially alter the ability of the CRH to fulfil its obligations; it is obvious that the taking of control of the Formula One Group by Liberty does not create such a risk, and nobody has ever suggested a different view in this respect.”

    The sport’s governing body also distanced itself from the allocation of prize money and bonuses. The allocation is “done in accordance with the bilateral agreements that exist between each team and the CRH. The FIA has no knowledge of these agreements.”

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

    Do you think there’s need for an investigation? Do you agree that there was no conflict of interest? Let us know in the comments below!
     
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