Formula One is a motorsport that is larger than life and one for riches to live and enjoy. While back then, this statement was for the drivers exclusively, it is now true for the off-the-track experience as well.
The sport since the time of its inception is a prestigious one, regarded as the luxurious one. There are plenty of things that go off the track which does confirm the previous statement.
The cost of the cars themselves is over 15 million not counting the damage cost after crashes. There are additional millions the teams have to spend to fix the cars and manufacture the parts again.
$131 Million direct cost increase in the books of Formula One
Lucky for the teams involved, the budget cap is in place restricting the flow of money. However, the same can surely not be said about the cost of staging a Formula One grand Prix.
As per the half-year accounts of Liberty Media which owns Formula One, there is a rise in direct costs which are beyond the explanation. Under the new leadership of Stefano Domenicali, the finance of the sport is under the radar.
There was an increase of over $131 million or $29 million per race of direct cost for a span of six months from January to June. This is a usual amount of which one of the spokespersons did not give a clear idea.
My favourite race of 2022 was _______________#F1 pic.twitter.com/nEh7SoY1jv
— Formula 1 (@F1) December 8, 2022
Also Read: Las Vegas GP to charge $500 for standing-room tickets to watch Lewis Hamilton and Max Verstappen
Will the rise of money continue in the future for the pinnacle of motorsport?
According to the owners, this steep rise in direct costs was due to transportation, catering, technicality, and race promotion. Additionally, this cost also includes Formula 2 and Formula 3.
The cost has doubled which is concerning for the sport. However, there have been major upgrades to television production, new statistics, and social media activities.
Formula One continues to boost itself as the premier motorsport in the world entering new states and countries. One of the newest is the 2023 season’s one-of-a-kind Las Vegas Grand Prix.
Also Read: Sebastian Vettel retiring from F1 was similar to Michael Schumacher’s Ferrari dismissal in 2006
