Legendary Emirati rally driver Mohammed Ben Sulayem has engineered a remarkable turnaround in the fortunes of Fédération Internationale de l’Automobile (FIA), as the world governing body for motorsports reported a return to profitability after five years of losses.
For 2024, the FIA had operating result of €4.7 million (US$5.3 million), its strongest financial return in almost a decade. When Ben Sulayem took over as President of the FIA in 2021, the body had debts of over €20 million (US$22.5 million) and operating loss of €24 million (US$27.2 million).
The operating result marks a significant improvement from 2023, with operating income increasing by €26.7 million, representing a 17 per cent year-over-year growth. Total operating income for FIA in 2024 stood at €182 million (US$206.1 million).
Ben Sulayem’s leadership
In a statement, FIA said: “Under the FIA’s new leadership since 2021, the organisation has undergone a comprehensive strategic transformation process, designed to radically improve internal systems and processes. It has strengthened its teams, optimised its working practices and shifted to a more efficient and financially sustainable model.”
The full result will be published in the FIA’s 2024 Activity Report in June.
Ben Sulayem commented: “Upon my election as President of the FIA, I committed to ensuring a profitable operation. Today, I am incredibly proud to show that we have achieved this mission, delivering the strongest set of financial results in eight years.
“Improving the governance, transparency and financial health of the FIA was central to my manifesto pledge, and I will continue to work with all of our internal and external stakeholders to drive positive change within the FIA, to deliver better outcomes for our Member Clubs, our people and for all.”
Ben Sulayem’s first term as FIA President will finish at the end of the year, but he is expected to seek re-election.
In its statement, the FIA added: “The current leadership team has worked rigorously since 2021 to ameliorate its internal systems, controls and processes. It has strongly enhanced procurement control and automation, implemented internal quarterly reporting, and established a financial steering model that enables effective decision making within senior management. This model has led to increased budget control and has allowed the FIA to review its pricing and reallocate resources to best pursue its strategic priorities across motorsport and mobility.”
The strengthened financial health of the FIA will enable the organisation to provide a world-class service to its 245 Member Clubs around the world, as well as reinvest into the seven World Championships under its governance. The not-for-profit organisation is well placed to continue pushing forward its core objectives such as strengthening grassroots participation in motorsport and driving the sustainability agenda across the board.
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