P1racenews AI automatic summary:
Aston Martin reports £53m loss for 2022 F1 season
Despite increasing its turnover through sponsorship and prize money payments, Aston Martin reported losses in its first year in F1, with costs of £152,046,000 to go racing, a 40% increase from the previous year. The team’s losses totaled £52,915,000, up from £43,332,000 in 2021. Staff costs rose 10% to £54,983,000, with 504 employees, and a payment of $1,835,000 made to Falcon Racing Services for Lance Stroll’s contributions to the team. Falcon Racing owed Aston Martin $13,000, a significant reduction from $315,000 owed a year prior. The F1 team received marketing income of £19.2m from Aston Martin Lagonda and incurred aviation charges of over £4m. Aston Martin also expanded its operations through the Aston Martin Performance Technologies division, headed by Martin Whitmarsh, and directors received no financial remuneration in 2022.
Source: Motorsport Week
