RAC calls for gear change in F1 accounts
The Royal Automobile Club (RAC) has attacked on Formula One’s governing body, the Fédération Internationale de l’Automobile (FIA) about an alleged lack of disclosure in its accounts.
The FIA’s annual revenue is understood to be around €60m (£51m) and its biggest expenses are staff salaries and travel costs, according to a report in the Sunday Telegraph.
It has an office in Geneva but its headquarters are in Paris, where it does not need to file publicly-available accounts, as it is a not-for-profit organisation.
The accounts are approved by the federation’s 236 members at its annual general assembly and following the previous meeting, Tom Purves, the RAC chairman and former chief executive of Rolls-Royce, wrote to FIA president Jean Todt to demand further details about payments totalling €14.4m.
The newspaper quotes from a letter dated 25 July, where Purves says...