Formula 1 owner Liberty Media has released its financial results for the third quarter of 2022. It follows from the published report that Formula 1 revenues increased by 7% compared to the third quarter of 2021 to 715 million dollars.
Formula 1 net income was $64 million, down 5.8% from the third quarter of 2021. Formula 1 attributed the decline in profits to a 9.4% increase in team payouts to $370 million.
Formula 1 noted that they are seeing a decline in stage promoter payments, but are offsetting the losses through the sale of commercial rights and an increase in sponsor revenue.
Stefano Domenicali, CEO of Formula 1: “In the third quarter, we were delighted to confirm a record 24 races for next season, including the highly anticipated Las Vegas Grand Prix. In addition, we have announced the signing of multi-year contracts with broadcasters – we have expanded our partnership with ESPN in the US and with Sky in three key European markets.”
Source: F1 News
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