DUBAI: Mohammed Ben Sulayem, the FIA president, has lauded the organization’s return to profitability due to a significant reduction of operating costs driven by an increase in revenues and savings.
The Emirati former professional rally driver, who was appointed FIA president in December 2021, was speaking after financial results to date for 2024 were unveiled at World Council meetings during the FIA General Assemblies Week in Kigali, Rwanda.
The FIA (Federation Internationale de l’Automobile) is the governing body of motorsport, including Formula 1, and promotes safe, sustainable and accessible mobility for all road users across the world.
The FIA forecasts an operating result of $2.3 million (SR8.6 million) profit in 2024 — a remarkable improvement given that it stood at just over $25 million loss in 2021. The forecast operating result would be the best of the last seven years and the first positive one since 2018.
This accomplishment is the product of a wide-ranging reform of the FIA introduced by 63-year-old Dubai-born FIA President Ben Sulayem. This included a fully independent financial audit of the organization.
“This achievement is a result of our commitment of reform of the organization in the areas of governance and finance,” Ben Sulayem said.
“The new FIA leadership inherited a financial situation which was not sustainable in 2022. We have worked hard to reduce a sizeable deficit and have stabilized the overall financial health of the federation.
“We have implemented cost-containment measures and revenue-generating strategies to put the FIA on a more sustainable financial footing to meet our primary purpose of supporting our member clubs.”
Several measures have been introduced to streamline the FIA’s accounting and reporting procedures to create a sustainable financial model.
Ben Sulayem said that the future of motorsport was being “driven by innovation and purpose,” noting significant investment from the FIA across global grassroots activities alongside substantial research and development in the safety, volunteers and officials spaces.
The Vision 2030: FIA Motorsport Strategy, which provides a substantial platform for growth and further success, was also unveiled in Kigali during the FIA General Assemblies Week, with more details to be shared in 2025.
“This year has been a time of change and growth,” Ben Sulayem said. “We have built a stronger organization redefining our leadership with high-level appointments that bring a wealth of professional experience to the Federation.
“Together, we are forging the future of global motorsport and as we celebrate 120 years of the FIA, we honor the achievements of our past while propelling ourselves to a future driven by innovation and purpose.
“The FIA is on the right track. The 2024 FIA Formula 1 World Championship season was record-breaking and highly competitive, and we continue our collaboration with Formula 1 and General Motors as we move toward an eleventh team on the grid from 2026.”
The 2024 F1 season concluded in dramatic style with the FIA Formula 1 Constructors’ World Championship being decided at the final race in Abu Dhabi earlier this month. McLaren claimed the honors in the UAE capital city, winning their first FIA Formula 1 Constructors’ World Championship in 26 years.
