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FIA opens up on "unsustainable" financial deficit it has been fighting to cut
FIA President Jean Todt responded to comments made by current president Mohammed Ben Sulayem, stating that the federation’s accounts have been largely profitable each year except for the last two, which were impacted by the COVID crisis. The FIA acknowledges that the state of the finances when Ben Sulayem took over were unsatisfactory and unsustainable. The audited accounts show an operating loss of €12.8 million in 2019, €22.1 million in 2020, and €24 million in 2021. Since Ben Sulayem’s administration took over, the FIA has reduced its operating loss to €7.7 million in 2022, with a projected loss of €3 million this year. The FIA aims to further reduce the deficit in 2024 and achieve a balanced operating result in 2025. The federation’s spokesman emphasized the need to have balanced books and strengthen equity to support member clubs, invest in research and development, and fulfill their primary purpose.
