The FIA, founded in 1904 and headquartered in Paris, oversees all aspects of motorsport.
From the grassroots level to F1, the FIA is responsible for regulating competition, whether that be issuing licences and permits to drivers and teams or establishing safety regulations.
While the FIA governs F1, it does not currently own the sport’s commercial rights. Those belong to Formula One Management (FOM), a company that has almost 90 years remaining on a long-term deal for the rights.
FOM, which is owned by American company Liberty Media, takes the vast majority of the money that comes in from the sport’s broadcasting rights, which have hugely grown in value in recent years.
While the FIA is a non-profit organisation that in theory is merely out to protect the future of F1 and motorsport, FOM and F1 are a business that is attempting to grow the commercial viability of the sport.
Given F1’s incredible growth in recent years, there is potential for regret at the FIA that the hugely-valuable commercial rights are out of its hands until the next century.