Ben Sulayem took over from Todt at the end of 2021 and has pointed out several times that one of the biggest headaches he has had to deal with was a deficit that he inherited in the FIA’s budget.
Speaking about the issue for the first time last year, Ben Sulayem said: “There was a financial issue that we didn’t know about. We had a deficit, even before the pandemic, but I’m pleased to have cleared that.”
Ben Sulayem suggested that the figures being talked about were “over $20m,” as he also said his early days as president were dominated by an unexpected court case involving a patent dispute regarding the Halo.
Up until now, Todt has kept quiet about the matter, but in a lengthy interview published in L’Equipe, he has now responded to what has been said and is far from impressed about how things have been portrayed.
Todt said that the deficit the FIA faced in 2021 resulted from the COVID-19 crisis, during which he had had to work hard to endure the survival of both the governing body and F1.
He is clear that the overall finances of the FIA were in a far stronger place at the end of his presidency than at the beginning, as he cited examples like options on FE ownership and real estate profits as extra positive elements.
“When I left, there must have been more than 250 million euro in reserves,” Todt told L’Equipe when asked if he was surprised by Ben Sulayem’s comments.
“When I arrived in 2009, there were barely 40m [euro], although the FIA had just ceded the commercial rights to F1 for a hundred years a few years earlier.
“I don’t call it a deficit. When I left, the budget had been multiplied by almost three, with many new competitions and sources of income, such as Formula E, the World Endurance Championship or the Rally Raid Championship.”
Photo by: Red Bull Content Pool
Mohammed ben Sulayem, FIA President talks with Red Bull Racing Team Principal Christian Horner and Max Verstappen of Red Bull Racing
He added: “It is true that we left one dispute unfinished when I left, the Halo trial. But it wasn’t swept under the rug. It was well documented and monitored by our services; we presented it to the senate and the world council before I left, and the current president attended this presentation.
“This was a lawsuit brought in Texas by an engineer who owned a patent that was only valid in the United States and for a short time. So when I left, there was nothing secret. And only one ongoing…
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