Teams earned $658m from FOA in 2010

The F1 teams earned $658m in prize fund payments in 2010, according to the accounts of Formula One Administration Ltd, which were revealed this week.

The typically fascinating document shows that the figure was up from $544m in 2009. The rise reflects the first full year of the current Concorde Agreement and the fact that there were 12 teams on the grid.

Meanwhile overall turnover for FOA Ltd was up $19m on the previous year to £1082m. The company says that the rise is a result of the addition of Korea and Canada to the calendar, which helped to offset other economic factors.

As of January 2011 FOA Ltd handed over the commercial rights to a different company, Formula One World Championship Ltd. This season represents the start of the 100-year rights agreement that Bernie Ecclestone signed with the FIA on behalf of SLEC Holdings back in April 2001.

All commercial deals done with FOA have been transferred to FOWC, which was gradually being ramped up over the course of 2010, in readiness for its new role, while FOA is in turn now being wound down.

The FOWC accounts say, with some understatement, that “with the company now undertaking the commercial rights to the championship… the directors consider the company is well positioned to perform satisfactorily in the future.”

In June last year FOWC acquitted Formula One Management Ltd from fellow SLEC subsidiary Petara Ltd for $23.5m.

FOM provided ‘business management services to FOA including the provision of technical support and broadcast services’ at a cost of $70m in 2010. It will continue to do the same job for FOWC.

One interesting detail shows that FOA Ltd has written off $11.1m in relation to Istanbul Park Organizasyson, which was sold to FOWC Ltd for $1.