Benchmark has reiterated a Buy rating on Formula One Group (NASDAQ:FWONA), even as International Automobile Federation honcho Mohammed Ben Sulayem appeared to throw cold water on a reported purchase price coming from Saudi Arabia.

Reports emerged Friday that the Saudi sovereign wealth fund evaluated buying Formula 1 from Liberty Media at a price exceeding $20B, including debt.

Ben Sulayem tweeted Monday: “As the custodians of motorsport, the FIA, as a non-profit organisation, is cautious about alleged inflated price tags of $20bn being put on F1.”

“Any potential buyer is advised to apply common sense, consider the greater good of the sport and come with a clear, sustainable plan – not just a lot of money,” he continued.

That’s led Formula One to accuse Ben Sulayem of interfering with its commercial rights (which it acquired in a 100-year deal in 2001, while nonprofit FIA ultimately owns the rights to the championship).

“The FIA has given unequivocal undertakings that it will not do anything to prejudice the ownership, management and/or exploitation of those rights,” Formula One has reportedly written to FIA. “We consider that those comments, made from the FIA president’s official social media account, interfere with those rights in an unacceptable manner.”

In any case, Formula One is generating heavy benefits for global and U.S. host cities, Benchmark analyst Matthew Harrigan said, ahead of a biggest-ever 24-race calendar for 2023 – and Audi joining in 2026.

“Beyond F1’s appeal as a brand growth platform, F1’s enhanced sustainability and efficiency profile contributed to Audi joining F1 in 2026 with Sauber as their strategic partner,” Harrigan said. “F1’s spiraling media attention now includes an F1 movie starring Brad Pitt and produced by Lewis Hamilton with action legend Jerry Bruckheimer also involved.”

An S&P 500-linked valuation model has Harrigan suggesting the enterprise value is $18.6B, “moderately below” the supposed $20B Saudi bid. He’s sticking with a $73 price target, implying 16% upside.