P1racenews AI automatic summary:
Formula 1 has seen a 24 per cent year-over-year increase in revenue, to the tune of $887 million in the
According to financial results released by Liberty Media, a series of factors contributed to an increase in Formula 1’s operating income from $64 million to $107 million during the three-month period ending September 30. The boost in revenue can be attributed to several commercial partnerships, including a multi-year deal with American Express as F1’s official payments partner in the Americas and a partnership with sports network DAZN, which earned exclusive broadcast rights in Spain. The increase in the number of Grands Prix during the third quarter, from six to eight, also played a role in the revenue growth. However, the higher logistical costs associated with running additional overseas events offset some of the extra revenue. Despite this, Formula 1 continues to experience strong financial growth and positive progress under the leadership of Liberty Media and CEO Stefano Domenicali. The next step on F1’s financial journey is the Las Vegas Grand Prix, where F1 is taking on the role of race promoter and investing in infrastructure. The commercial success of the event is crucial in this new role.
Forrás: Motorsport Week
