The FIA published its own operating profit in the release announcing rallying's biggest deal. It did not publish the price..
Mohammed Ben Sulayem called it "the deal of the century for rallying" in the FIA's announcement of 31 July, which confirmed that, "following FIA approval", Cosmobilis and Park Square Capital had acquired WRC Promoter GmbH and with it the commercial rights to the World and European Rally Championships. The release contains a great many numbers before it reaches its boilerplate. None of them describes the transaction.
Cosmobilis is sized item by item in that document. The FIA records it as founded in 2021, "present in more than 30 countries and partnering with over 30 manufacturers", carrying 4,700 employees and generating "nearly €4 billion in revenue", with a platform "used by 100,000 professionals across 12,000 points of sale". Park Square Capital gets the same treatment: founded in 2004, "invested more than $35bn", and managing "more than $22bn of capital on behalf of its investors" today. Both buyers arrive fully sized.
The FIA sizes itself as well, in the notes to editors. There it records that in June 2026 it "announced that it had delivered its strongest set of financial results in a decade in 2025, with an operating profit of €6.7m", and that it "reported an exceptional gain of €20m through the Formula E contract extension". A governing body willing to print its own operating profit in the footnotes of somebody else's acquisition does not have a general aversion to figures.
Three quantities are absent, and each of them is one a rally team principal or an event organiser would want. The purchase price appears nowhere. The length of the agreement appears nowhere either; the FIA calls it a "landmark long-term commercial rights agreement" and leaves the adjective to do the work a number would do. The third is the FIA Growth Fund, which arrives as the last of the four bullets at the head of the release, in the words "a new FIA Growth Fund will be established to support global rally development initiatives", and which is given no size, no source of capital and no governance anywhere on the page. DirtFish's report of the announcement, published the same day, carries no price either.
Park Square's own release is where the structure becomes legible. It describes the firm as "a leading private credit investor that is providing both debt and equity financing to support the Championships' long-term industrial and media growth plan", in a statement issued from London and Paris on 31 July. The FIA's own description of its new partner lists the instruments the firm deals in: "senior debt, mid-market direct loans, subordinated debt and structured equity".
Debt and equity do not behave alike inside the phrase "never before seen levels of investment", which Ben Sulayem uses and which the release repeats in its opening bullets. Equity is returned if the championship grows. Debt is returned on a schedule whether it grows or not, and the schedule is a first claim on the promoter's revenue rather than a share of its upside. Neither release states what proportion of the consideration is debt, what that debt is secured against, or whether any of it rests on WRC Promoter GmbH itself. Nothing here asserts that it does. The narrower point stands on the documents as written: two kinds of money that impose very different obligations have been described with one word, and the releases do not separate them.
Affordability is the FIA's stated aim for the people who compete, in the same document. The release says the "next-generation technical regulations, due to take effect in 2027, have been designed to make the sport safer, more competitive and affordable at the highest level". Entry costs and promotion costs meet in the end, though, because whatever a promoter has to service it has to earn from the commercial rights it sells. A regulation set written to lower what competitors spend takes effect in the same year as the first full season run by owners whose cost of capital sits outside the public record.
Jean-Louis Mosca stated the strategic logic plainly enough that it needs no interpretation. Cosmobilis's chairman and chief executive said the group is "not merely acquiring the commercial rights to a world championship" but "building an international platform where manufacturers, partners, media, technology, and fans come together", with the goal of "creating a driver of sustainable growth for the entire Cosmobilis ecosystem". Park Square's release frames the same move from the buyer's side, calling it a step in Cosmobilis's development "from a leading European automotive technology and services group into a global operator of an international sports property". Neither sentence is a criticism, and neither is inference. Both describe a promoter that is expected to generate value for a car distribution and software business, which is a different thing to optimise for than a promoter whose only business is the championship.
Two years of negotiation produced this. DirtFish's David Evans reports that FIA deputy president for sport Malcolm Wilson "has been at the heart of negotiations which have been ongoing for the last two years", and Wilson's own quote in the FIA release says that "in over 40 years in the sport, I have never seen investment on this scale into rallying". Twenty-four months of talks and four decades of comparison are both offered as reasons to trust the scale of the thing. Neither is a measurement of it.
The figure will surface eventually, in a document that is not a press release. The FIA announced its 2025 results in June 2026 and disclosed the Formula E extension there as a €20m exceptional gain, which is the accounting treatment a large one-off commercial agreement receives. On that cadence, the accounts covering the year in which this deal closed arrive in 2027, by which time the regulations it is meant to underwrite will already be running. Rallying gets the number after it has lived with the consequences, which is the ordinary order of these things and the reason the announcement was the moment to ask.