P1racenews AI automatic summary:
Mercedes generate £474 million in turnover in 2022 despite losing F1 titles
According to official documents, Mercedes-Benz Grand Prix Limited generated £474 million in turnover and £89 million in profit in 2022, despite not winning the Formula 1 title that year. The team received a sponsorship injection of £42 million from Ineos and £12.8 million from Athena Racing for development work for the America’s Cup. Overall turnover for the team was £474.5 million with expenses of £350.8 million, resulting in a gross profit of £123.7 million and a before-tax profit of £113.4 million. Red Bull also saw a boost in turnover, with overall turnover rising to £278 million and gross profit nearly tripling to £24.8 million, as they won both the Drivers’ and Constructors’ championships. Red Bull’s total profit for the year was £2.0 million, including the cost of breaching the cost cap in 2021.
Source: RacingNews 365
