HomeFinanceF1 Revenue Increases By 12% For $91 Million Profit

F1 Revenue Increases By 12% For $91 Million Profit


F1 Revenue Increases By 12% For $91 Million Profit

Formula One (F1) has revealed its financial figures for Q3 2021, highlighted by a 12% year-on-year (YoY) increase of revenue to US$668 million (AUD$902 million), resulting in a US$68 million (AUD$91 million) profit.

These figures come after the international motorsport competition hosts only seven races in the financial period, compared to ten from the same period in 2020 with a condensed event schedule due to COVID-19 cancellations until 5 July 2020.

The financial report revealed the competition’s revenue was largely collected from race promotion, media rights, and sponsorship fees, with a large portion of revenue attributed to the resumption of The Paddock Club, F1’s hospitality product.

On the financial results, Formula One CEO, Stefano Domenicali, said the re-introduction of fans meant the changes to contracts for event hosts in 2020 with reduced fees was not needed in the same period for 2021.

“Formula One is firing on all cylinders and producing results on the track, for our fans and partners and our investors,” Domenicali said.

“We already know that the 2021 season will be one for the ages, with a fierce battle up and down the grid and among the constructors.

“We have seen the results with fans at the track and with engagement across all platforms,” he said.

The release of the figures comes as Formula One extends its rights contract with the Chinese Grand Prix, keeping the championship in Shanghai until at least 2025.

Discussing the contract extension, Domenicali said: “Our partnership with the promoter Juss Sports is incredibly strong and we look forward to continuing our long term partnership.”

“While we are all disappointed we could not include China on the 2022 calendar due to ongoing pandemic conditions, China will be restored to the calendar as soon as conditions allow and we look forward to being back with the fans as soon as we can,” he said.

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