Formula One took to the track for its 74th season in rude financial health.
Revenue generated by the Liberty Media-owned championship hit US$2.6 billion in 2022, a year-on-year increase of 20 per cent. Three additional races, all held outside of Europe, and the return of capacity crowds boosted income, while new media rights and sponsorship deals helped contribute towards increased team payments, which rose to US$1.2 billion for 2022.
This year, Formula One bosses have their sights set on further growth. A return to Qatar, which made its debut in 2021 ahead of the start of a ten-year contract this year, will be followed by the inaugural Las Vegas Grand Prix in November. With setup costs expected to pass US$500 million and Formula One promoting the event itself, the series will want to draw as much attention to the race as possible and ensure its ongoing Stateside expansion continues.
Having begun in Bahrain in early March, Formula One’s 23-race 2023 calendar will culminate in Abu Dhabi in late November. One race that will be missing is the Chinese Grand Prix, despite its current contract with Formula One running until 2025, as the country’s strict Covid restrictions made hosting the race in 2023 impractical.