P1racenews AI automatic summary:
F1 accrued $2.04 billion in sponsorship revenue across the 2024 campaign, taking it one step closer to dethroning the NFL as the highest-grossing sport globally.
In 2024, Formula 1 accumulated $2.04 billion in sponsorship revenue, edging closer to surpassing the NFL as the top-grossing sport globally. Since Liberty Media acquired F1’s commercial rights in 2017, the sport has experienced a remarkable surge in popularity, particularly in the American market. The 2024 season saw F1 break the $2 billion sponsorship milestone for the first time in its history, trailing only behind the NFL in sponsorship earnings. An independent report revealed F1 and its teams earned $2.04 billion during the season, surpassing notable sports like MLB, NBA, and NHL in global sponsorship lucrativeness. Toto Wolff, Mercedes Team Principal, attributed F1’s success to Liberty Media’s ownership and the Americanization of the sport, which elevated it to unprecedented levels in terms of commercial appeal. Major F1 teams like Mercedes, Red Bull, McLaren, and Ferrari played pivotal roles in boosting sponsorship figures, with an average contribution of $6 million per team, surpassing NFL’s individual partnerships by eightfold. F1’s lucrative partnerships with luxury brands like LMVH, potentially earning the sport $1 billion in a decade, have solidified its commercial standing in the global sports industry with brands like TAG Heuer, Louis Vuitton, and Hennessy integrated into the sport.
