FIA president Mohammed Ben Sulayem has hailed the organisation’s return to profitability, driven by a significant reduction of operating costs and 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, who oversee all motorsport including Formula 1, forecast an operating result of €2.2 million in 2024 – a remarkable improvement given that the organisation reported losses of €24 million in 2021. The forecast operating result would be the best of the last seven years and the first positive year since 2018.
Ben Sulayem said: “This achievement is a result of our commitment to 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.”
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The winners' podium, from left, Ferrari driver Carlos Sainz, McLaren driver Lando Norris, McLaren CEO Zak Brown and Ferrari driver Charles Leclerc. All pictures by Chris Whiteoak / The National -
McLaren driver Lando Norris wins the Abu Dhabi Grand Prix at Yas Marina Circuit. -
McLaren CEO Zak Brown lifts the constructors' trophy in the F1 at Yas Marina Circuit after the Abu Dhabi Grand Prix. -
The drivers line up for the race at Yas Marina Circuit. -
Action on the track at the Abu Dhabi GP. -
Aston Martin driver Fernando Alonso during the Abu Dhabi Grand Prix. -
Ferrari driver Charles Leclerc during the Abu Dhabi Grand Prix. -
Mercedes driver Lewis Hamilton and Kick Sauber driver Valtteri Bottas during the drivers' parade. -
Amna Al Qubaisi competes in the F1 Academy race at Yas Marina Circuit. -
Mercedes driver George Russell arrives at the Yas Marina Circuit. -
Hamda Al Qubaisi competes in the F1 Academy race. -
Fans watch the racing at Yas Marina Circuit. -
French-Algerian driver Isack Hadjar during the Formula 2 race at Yas Marina Circuit. -
Fans watch the racing at the Abu Dhabi Grand Prix. -
Isack Hadjar in the Formula 2 race. -
Mercedes drivers Lewis Hamilton and George Russell take part in a pre-race photo call at the Abu Dhabi Grand Prix. -
Drivers line up for a pre-race photo at the Abu Dhabi Grand Prix. -
Fans watch the racing at the Abu Dhabi Grand Prix. -
Mercedes driver George Russell fist bumps Williams driver Franco Colapinto. -
Drivers take part in a photo on the track at the Abu Dhabi Grand Prix. -
McLaren driver Lando Norris chats with Red Bull Racing driver Max Verstappen. -
Red Bull Racing driver Sergio Perez. -
Fans watch the racing at the Abu Dhabi Grand Prix.
Several measures have been introduced to streamline the FIA’s accounting and reporting procedures to create a sustainable financial model. Ben Sulayem added that the future of motorsport is 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.
Ben Sulayem said: “This year has been a time of change and growth. We have built a stronger organisation redefining our leadership with high-level appointments that bring a wealth of professional experience to the federation.
“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 towards an eleventh team on the grid from 2026.”
The 2024 F1 season concluded in fascinating fashion with the FIA Formula 1 Constructors’ World Championship being decided at the final race in Abu Dhabi earlier this month. McLaren claimed the honours in the UAE capital, winning their first FIA Formula 1 Constructors' World Championship in 26 years.
