Worried that Formula 1 isn't making ends meet? Good news: they're going to be fine. 😉 Here are all the numbers to celebrate:
While there was a full 22-race calendar in 2021 there were still some restrictions on attendance in place. But last year, with those finally gone and F1 continuing to benefit worldwide from the Drive to Survive boost, the numbers rose significantly.
The 10 teams shared total payments of $1.157bn between them in 2022, compared with $1.068bn the previous year. There was also an increase in the streams that come under other revenue, “driven by higher hospitality revenue generated from the Paddock Club, which operated at 19 races, with record attendance throughout 2022 compared to 11 events during 2021, as well as higher freight revenue with more races held outside of Europe compared to the prior year and the impact of freight cost inflation on billing rates.
Liberty added: “These costs increased in the full year primarily driven by higher freight costs with three more events held outside of Europe and underlying inflation on freight costs, increased Paddock Club costs associated with higher hospitality attendance and servicing eight additional Paddock Club events compared to the prior year, as well as higher commissions and partner servicing costs associated with increased Primary F1 revenue streams and higher F2 and F3 related costs.
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