Liberty Media, owner of Formula 1, published a financial report for the third quarter of 2023.
Compared to the same period last year, Formula 1 revenues increased by $174 million (24%) to $887 million. Prize money paid to ten champion teams during the reporting period was $432 million, up from $370 million a year earlier. Formula 1’s operating profit rose to $132 million.
Liberty Media said the main factor impacting revenue growth was the increase in the number of races (eight in the third quarter of 2023 versus seven in 2022) and the holding of venues in Singapore and Japan, whose organizers pay high promoter fees. In 2022, the payments for these stages ended up in Formula 1 accounts in the fourth quarter.
Commenting on the published figures, Formula 1 President and CEO Stefano Domenicali emphasized that Formula 1 is growing faster than other leading sports competitions.
Stefano Domenicali: “Formula 1 continues to experience record race attendance and strong growth across our social and digital platforms, surpassing other major sporting competitions.
This growth is attracting new partners, as evidenced by our recent agreement with American Express. The company has signed a sports sponsorship contract for the first time in more than ten years.
We have made significant progress on our sustainability initiatives, including reducing Formula 1 corporate emissions and strengthening the F1 Academy by fully integrating the series into the 2024 Formula 1 calendar, with all ten championship teams participating.”
Source: F1 News
I am Christopher Clyde, an experienced journalist and content writer with a passion for sports. I have been writing about Formula 1 news for the past five years and am currently employed as an author at athletistic.com, one of the top sports websites in the US.
