FIA reports best financial results since 2018

Formula One’s governing body, the FIA has reported a significant turnaround in its financial status during the 2024 General Assemblies in Kigali, Rwanda.

Although there is still a short period of time left from the current year, the governing body forecasts an operating result of €2.2m for 2024, which would be a significant improvement compared to the past year, with the operating result having stood at €-24.0m in 2021.

In fact, if the forecast operating result turns out to be right, it would be the best of the last seven years and the first positive one since 2018.

The governing body noted that the improvements are down to a significant reduction of its operating costs, while it has also achieved a significant increase in revenues and savings.

The FIA noted: “The improved operating status, confirmed during both World Council meetings in Kigali, shows a return to profitability despite a number of new initiatives.

“This turnaround underlines the progress being made in bringing robust financial governance and efficiencies to the federation. A number of measures have been introduced to streamline the FIA’s accounting and reporting procedures to create a sustainable financial model. This accomplishment is the product of a wide-ranging reform of the FIA introduced by the FIA President Mohammed Ben Sulayem.”

Commenting on the financial results, Ben Sulayem noted: “This achievement is a result of our commitment of reform of the organisation in the areas of governance and finance.

“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 stabilised 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.”