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FIA opens up on "unsustainable" deficit it has been fighting to cut
Jean Todt, the former FIA president, criticized current president Mohammed Ben Sulayem’s comments regarding the financial deficit he inherited. Todt mentioned that except for the last two years, which were affected by the COVID crisis, the accounts have been mostly profitable. The FIA admits that the financial state when Ben Sulayem took over was unsatisfactory and unsustainable, with significant losses. The FIA’s audited accounts showed operating losses of €12.8 million in 2019, €22.1 million in 2020, and €24 million in 2021. However, under Ben Sulayem’s leadership, the FIA reduced its operating loss to €7.7 million in 2022, with a forecasted loss of €3 million this year. The aim is to further reduce the deficit in 2024 and achieve a balanced operating result in 2025. The FIA will release financial figures for 2021-22 and 2023 in the coming weeks and mid-June 2024, respectively.
