F1's ownership is relinquished by FIA President

With this move, Mohammed Ben Sulayem is signaling a shift in focus, as he moves away from involvement with Formula One and takes on other endeavors.

It is shocking news that the FIA president Mohammed Ben Sulayem has taken the shocking step of taking a step back in the hands of control of Formula One, F1budgetCap reveals. 

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The former rally champion from the United Arab Emirates, also known as the most powerful figure in world motorsport, has made the unexpected announcement in a letter sent to the team principals this week on Monday afternoon. Besides relinquishing hands on, he remains the president of the governing body.

However, the Sportsmail believes that the 61-year-old man is faced with a fight to extend his time in the office beyond his first four-year tenure. This is because of the opposition inside his organization and Formula One more which has broadly sprouted since he assumed his throne to former Ferrari boss Mr Jean Todt in December 2021.

The key allies and teams he can rely on have taken him to task over what they assume to be his grand standing approach, and his acknowledgement of these unavoidable facts resulted in a letter from him, witnessed by Sports mail, in which he said that his stated objective was to be a non-executive president via the recruitment of a team of professional managers, which has now been largely completed. 

He will no longer be involved in the daily activities of running the sport, and he will now focus on the strategic matters. Mohammed Ben Sulayem has shown an eagerness to use social media as an outlet for his views, causing a bit of a havoc recently when he described a rumored $20 billion takeover of Formula 1 as an inflated price tag being put on F1. As he had already pointed out that he will use the social media to his advantage, he went on to use the platform to express his disappointment in the cold response or rather reception from Formula 1 to General Motors’ interest in allying it with Andretti in the sport. 

In his closing statement, he went on to say that from henceforth the day-to-day contact for all matters on F1 will be with Nikolas and his team, while his focus will be on strategic matters with his leadership team.

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