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May 7, 2025 · 12:43 pm

F1’s first quarter income hit by one fewer race compared to 2024

F1’s lower Jan-Mar income reflects a different calendar mix

Liberty Media has reported Formula 1’s financial results for the first quarter of 2025 – and they are skewed by there being fewer races in the period this season.

F1’s main revenue streams are allocated on a pro rata basis depending on how many races there are in the quarter.

Last year January-March included the very lucrative Bahrain and Saudi events, plus Australia. This year it was just Melbourne and Shanghai, with the drop from three to two events representing a significant percentage change that if reflected in the fall in revenue.

Correspondingly April-June will benefit from there being nine races this year, as opposed to eight last year – and it will include the two Middle East events.

Total revenue fell 27% from $553m to $403m, while total F1 Group operating income was down from $202m to $73m.

Explaining the change Liberty said: “Primary F1 revenue decreased in the first quarter with declines across media rights, race promotion and sponsorship driven by the calendar variance compared to the prior year.

“Race promotion revenue decreased due to one less race in the quarter and the different mix of races held. Lower media rights and sponsorship revenue was driven by one fewer race held in the current period resulting in a lower proportion of season-based revenue recognized, and sponsorship revenue also decreased due to the impact of the mix of races on event specific revenue.”

Recently appointed Liberty Media President and CEO Derek Chang remains bullish.

“2025 is off to a strong start,” he said. “F1 is benefiting from exciting racing on the track and financial momentum underpinned by new commercial partnerships that took effect

“We believe Formula 1’s contracted and diversified revenue streams position it well against the current macro and consumer backdrop. The business fundamentals remain strong and we’re confident in our ability to deliver long-term value.”

F1 CEO Stefano Domenicali added: “F1 is six races into another incredible season and delighting fans in new and creative ways. Close racing throughout the field has created captivating on-track action, helping drive viewership growth on linear and digital platforms.

“Our promoter partners continue to innovate on their race weekend experiences, generating demand and sell-out crowds. Importantly, we agreed to the commercial terms with all F1 teams for the 2026 Concorde Agreement which is financially attractive to all parties and provides stability for our future.”

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February 27, 2025 · 5:11 pm

Domenicali: “Update to formalise” 2026 Cadillac F1 entry due soon

The former Andretti team has been expanding rapidly at its Silverstone base

Formula 1 CEO Stefano Domenicali says Cadillac will provide an “incredible boost to the ecosystem” of the sport – and he says that an update on formalising the team’s entry for 2026 is due soon.

It was announced in November that the team had reached an agreement in principle with Formula 1 regarding its entry plans.

That came after founder Michael Andretti was distanced from the project, and it was confirmed as a full works GM-backed team under the Cadillac name.

However formal confirmation of the entry has not been forthcoming. There appears to be no real precedent to follow in terms of the timeline and exactly what the next steps are, especially given that the next Concorde Agreement has not been finalised.

The team will use Ferrari power units initially, before eventually switching to its own in-house design.

“We always said that Cadillac is giving and will give an incredible boost to the ecosystem of F1,” said Domenicali when asked why his organisation’s position on the entry changed late last year.

“We were referring to other situations that were handled before. But now the picture is totally different.

“Cadillac is preparing the entry, in terms of preparing the season, because it would not be an easy situation for them to be in such a high-tech and evolved sporting platform, they are doing everything in order to show how Cadillac is really evolving into the sport.

“Now there is the formality that is related to the process that it’s almost ready together with the FIA. There has to be an update. And whenever this will be ready, it should be not too long, there will be a sort of an update to formalise what basically is already happening.

“So they will be ready to fight against or together with the other teams for next year. And that is the evolution that, as you know, GM has taken as a fact that they want to be a real constructor or a manufacturer that will invest in our sport, because they do believe in the technological platform that F1 can provide to their system.

“So very, very happy that now this is on-board moving forward and looking forward to see them on the track together with the other teams to fight for a great championship.”

Domenicali insisted that the arrival of Cadillac has no impact on the debate with the teams over the next Concorde, while stressing that the new entrant will have the same rights as incumbents.

“There’s no impact at all with the current discussion of Concorde Agreement,” he said. “As you know, Concorde is done by two major elements. One is the financial one that is related to the commercialisation and the marketing side of it, that discussion is between us and the teams, and we are in a good position on that.

“The other topic, or the other part of it, is the governance that, of course, we need to work together with the FIA and the teams and on that we are working.

“As you know, there’s no time pressure on that, because we are all working as partners, and we want to find the best solution for the sport. And this is something that we’re going to do, even with one more team together into the future, because of course Cadillac will be part of it and will have a voice, as the others, into the future.

“With regard to the fact that Cadillac will bring a new US ‘branch,’ I think that we can bring opportunities. And I’m totally positive, because the sport is growing in such a magnitude that everyone will exploit the best out of it. And I’m sure that the Cadillac/GM group will benefit from being part of this group.”

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February 27, 2025 · 1:42 pm

Lower Las Vegas GP numbers impact F1’s 2024 overall income

The Las Vegas GP didn’t generate as much cash for F1 in 2024 as in its inaugural year

The Formula 1 organisation continued to increase both revenue and operating income during the 2024 season – but Liberty Media admits that a poorer performance by the Las Vegas GP in its second season had an impact on the overall figures.

The headline numbers were up in part because there were 24 races in 2024, as opposed to 22 the previous year, with China returning and Imola back after the 2023 flood cancellation.

Revenue by was up 6% from $3,222 million to $3,411 million, while operating income rose from $392 million to $492 million, a gain of 26%.

While the numbers continued the upward trend Liberty concedes that the Las Vegas GP, which feeds directly into revenue as the only race promoted in-house, was not as successful as in its inaugural year.

Liberty notes that “sponsorship revenue grew due to recognition of revenue from new sponsors, contractual increases from existing sponsors and additional sponsorship inventory with two additional races held.

“Media rights revenue increased due to contractual increases in fees and continued growth in F1 TV subscription revenue.

“Race promotion revenue grew primarily due to fees from the two additional races held compared to the prior year, following the return of China and Imola to the calendar, as well as contractual increases in fees, partially offset by lower ticketing revenue generated from the Las Vegas Grand Prix.”

It added that “growth in hospitality income at most events and higher freight and licensing revenue was offset by lower hospitality revenue generated from the Las Vegas Grand Prix.”

However F1 also gained from the “lower event promotion, hospitality and experiences costs incurred in promoting and delivering the Las Vegas Grand Prix compared to the prior year.”

The 10 F1 teams shared payments between them of $1,266 million, up 4% from $125 million the previous year.

Despite the Las Vegas setback F1 CEO Stefano Domenicali remains bullish after the overall numbers continued to rise.

“Formula 1 capped off a record 2024 in race count, revenue and Adjusted OIBDA,” he said. “We are equally optimistic about 2025 as we mark F1’s 75th anniversary which will provide incremental momentum for our brand, and we celebrated this milestone by welcoming the entire F1 community to a first of its kind season launch event at The O2 last week.

“Our sponsorship roster is the strongest in the sport’s history and the commercial pipeline remains robust. This commercial success is paired with on-track excitement, as we expect more intense competition after last season’s highly competitive championship and we welcome several rookie drivers to the grid.”

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January 27, 2025 · 9:31 am

Enstone veteran Genon joins Haas to run Toyota project

Genon joins Haas after 12 years at Enstone

Former Renault and Alpine engineer Pierre Genon has joined the Haas Formula 1 team as its Toyota project manager.

The Belgian will in effect be the liaison between the UK-based team and the Toyota Gazoo Racing operation in Cologne following the announcement of their technical collaboration late last year.

Genon went to Enstone in 2012 as the head of vehicle performance group at what was then the Lotus team, prior to its return to Renault identity.

He became the team’s head of performance systems group in 2014, and maintained the same role into the Alpine era, until going onto gardening leave last year.

Previously he worked for Prodrive’s Subaru WRC team, and on the Peugeot LMP1 programme, which included a Le Mans win in 2009.

“I am extremely excited to finally join Moneygram Haas F1 team this coming week as Toyota project manager, with the key accountability to drive the collaboration between Haas F1 and Toyota Gazoo Racing,” he said.

“I have everything to learn about the team, the project, and the partner, and the state-of-charge is at 100% for a challenge which will be quite different from the previous one.

“I am eager to meet my new team mates and to contribute to the next steps in the progress of the team via this new project.”

Genon also paid tribute to his former colleagues at Alpine, including the PU personnel whose F1 role ends this season.

“A big thank you to all those I had the pleasure of working with in the past 12 years, whether they are still there, or have moved on. Thank you for the support, the collaboration… And the laughs.

“I also spare a thought for Viry-Chatillon where I always felt very welcome. There are many good people there and so much heritage. For those wishing to continue in top level motorsport, I hope that you find what you want.

“I have no doubt that Enstone is also still full of talent and will provide fierce competition in my next adventure.”

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January 10, 2025 · 10:35 am

Cowell takes team principal role as Aston Martin F1 changes continue

Andy Cowell has taken over the team principal role

The Aston Martin Formula 1 operation has announced a major restructure that sees CEO Andy Cowell assume the role of team principal as previous incumbent Mike Krack moves into a new role.

The changes reflect the ongoing efforts by owner Lawrence Stroll to find the ideal organisation after a string of high-profile hirings ahead of the arrival of Adrian Newey.

Last year the team finished a distant fifth in the World Championship and it was evident that Stroll would make changes over the winter.

The team has split its trackside and factory operations “for clarity of leadership and as part of a shift to a flatter structure” with their respective bosses reporting to Cowell.

Krack has now been given the title of chief trackside officer, while the incoming Enrico Cardile will be chief technical officer.

Meanwhile performance director Tom McCullough has been moved into an unspecified job where he will “play a critical role in the expansion of the team’s broader range of racing categories.”

He follows Andy Green and Dan Fallows as the latest key player to be moved out of the F1 programme.

Former HPP boss Cowell was announced as the future CEO in July, and officially started the job on October 1.

He was ostensibly hired to replace then CEO erstwhile Martin Whitmarsh, who played a key role behind the scenes as the Silverstone operation was expanded.

However, Whitmarsh never had the team principal title, and he kept a low profile at the track and with the media.

“I have spent the last three months understanding and assessing our performance,” said Cowell. “And I’ve been incredibly impressed by the dedication, commitment and hard work of this team.

“With the completion of the AMR Technology Campus and our transition in 2026 to a full works team, alongside our strategic partners Honda and Aramco, we are on a journey to becoming a championship-winning team. These organisational changes are a natural evolution of the multi-year plans that we have scheduled to make and I’m incredibly excited about the future.”

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December 7, 2024 · 6:42 am

Carey returns to F1 paddock in new Liberty Media role

Chase Carey has returned to the F1 paddock

Former F1 boss Chase Carey is back in the paddock in Abu Dhabi this weekend having been appointed a director of Liberty Media.

Carey was chairman of F1 from 2016 to 2022, and served as CEO from 2017 to 2021, before Stefano Domenicali took the reins.

He was responsible for pushing the cost cap through and getting the last Concorde Agreement across the line.

While he has visited US races since his departure he now has a formal role within the company that owns F1, serving on the executive board

His return comes ahead of the departure of Liberty Media CEO Greg Maffei in January, and amid recent speculation about Domenicali’s longer term future in F1. However sources indicate that he won’t have a hands-on role on matters such as the Concorde, and will be supporting Domenicali.

“Chase has been an excellent partner to Liberty for many years, from our investment in DIRECTV in 2008 to Liberty’s purchase of Formula 1 in 2017 where his role as CEO was key to securing the acquisition,” said Malone.

“He was instrumental in building a successful foundation at F1 from which the business has grown materially.

“Chase’s knowledge and expertise across media, entertainment, sports, business and more will be valuable to the board as our companies execute on their next chapters of growth and value creation.”

Carey added: “Liberty is at an exciting point in its storied evolution, with a more focused asset base centred around high-quality, premium sporting assets that I know well. I look forward to contributing to Liberty as a director in partnership with John, Liberty management and the portfolio company leadership.”

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November 30, 2024 · 9:41 am

Connelly: “No finger pointing” at F1 driving guidelines meeting

Connelly says that the meeting with the drivers was positive

Chairman of the FIA F1 stewards Garry Connelly says that there was “no finger pointing” in Thursday evening’s meeting at Qatar to discuss the Driving Standard Guidelines and overtaking.

The drivers met with Connelly and other key FIA personnel to discuss ways of improving the guidelines following recent controversies.

The drivers were keen to point out that circuit layouts and the availability of run-off areas are a key issue.

“The meeting was the most productive one we’ve [ever] attended,” said Connelly in a lengthy statement on the FIA website. “The drivers were fantastic with their input. Very constructive. There was not one negative comment. There was no finger pointing.

“It was very inspiring to see the world’s best drivers, communicating clearly and speaking constructively on how we can improve the Driving Standard Guidelines to the benefit of the drivers and to make all of our jobs easier.

“As stewards, we are not here to inflict pain on drivers. We’re here to provide a level playing field. It’s not us against the drivers, it’s the drivers against the drivers and we’re here to make sure everyone gets a fair go.

“We have an open door policy. The door to the stewards’ room is always open to any driver who wants to come up and talk to us about a decision that’s been taken either in relation to them or in relation to any other driver. We think Thursday’s meeting emphasised that open door policy.”

Connelly stressed that the Qatar meeting was not a one-off, and rather part of an ongoing process.

“The Driving Standard Guidelines are a living document, so every year, as the F1 stewards we try to meet with the drivers, sporting directors and FIA representatives, to see if we need to tweak the guidelines to use the experience of the last 12 months and see what improvements we can make to ensure consistency. The goal of the guidelines is consistency.

“As stewards, if drivers and teams and the FIA agree that they want rules or guidelines to allow more aggressive driving, we’ll apply those rules or guidelines. Likewise, if they want stricter driving standards, we’ll apply those.”

FIA’s single-seater sporting director Tim Malyon, who has played a key role working with race director Niels Wittich and his replacement Rui Marques, agreed that the Qatar gathering was a positive one.

“We will always try and facilitate such meetings,” said Malyon. “Because gaining the feedback, the insight of the drivers, is extremely important in allowing us to evolve the guidelines in the right direction.

“We’ve had some very constructive driver meetings at the last few races, and this was a specific meeting set up to provide the space for that dialogue to continue, so that we can have the open exchange that we need with the drivers in order to be able to evolve the guidelines for next year

“We typically hold a meeting like that at least once a year, sometimes twice a year, depending on the topics that arise. This year we’ve timed this meeting following the constructive discussions in Mexico and Austin.”

Malyon also addressed the drivers’ concerns about run-off areas.

“As the FIA, we work continuously with circuits to evolve in many ways,” he said. “Obviously, we are working on the safety aspect of circuits. But what that meeting highlighted is that there are a number of considerations on the sporting side, which we can prioritise for circuits going forward.

“As we have done this year, we introduced the gravel traps, starting in Austria, and obviously, with this weekend being perhaps the most obvious with gravel traps added in a in a number of places.

“We continue to work with circuits on all topics, but it was very useful in yesterday’s meeting to get the insight of the drivers and see how they prioritise the gravel trap concept, not only for track limits, but also for managing some of the situations that have arisen with overtaking during the course of the last four or five races.

“In all, there was a commitment to work together to find solutions that work for everyone.”

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November 30, 2024 · 9:27 am

Sanchez: Alpine F1 upgrade performance “a nice surprise”

Alpine has been a regular Q3 contender in recent races

Alpine executive technical director David Sanchez admits that the team’s recent jump up the grid after a series of upgrades has been “a nice surprise.”

Sanchez says the team knew that it was improving the car but didn’t know how successfully the changes would move the cars up the order.

The car has been well inside the top 10 in qualifying in several recent races, with a high of P3 for Pierre Gasly in Las Vegas, and Esteban Ocon earning P4 in the wet in Brazil.

The car’s inherent pace also helped the team to take advantage of the tricky conditions at Interlagos to secure a double podium finish.

Asked by this if the car’s form was a surprise Sanchez admitted that

“Yes and no,” he said. “No, because the package we brought to Austin, we had our simulations before, we knew the sort of performance we wanted to see, and we saw all of it, nothing more, nothing less.

“We were quite happy. Then the interesting point which we asked ourselves beforehand was, if we deliver the performance, where does that bring us? And this was the nice surprise, that that performance clearly lifted us in a decent place.”

Crucially the recent changes have made the car easier to drive as well as faster.

“That’s something we’re trying to do,” said Sanchez. “The car became a little nicer to drive with the upgrade. It’s true, whenever you keep adding more and more downforce, at some point you have to ask the question, is it too much?

“Are we making it too peaky? But for now, let’s say the upgrade has improved drivability, and driveability is indeed one of our objectives for our development.”

Sanchez agreed that the improved form has been a boost for the team after a difficult start to the 2024 season.

“For everyone at the factory, it’s been quite satisfying, because this year we’ve seen a few hits and misses from a few teams in terms of upgrades,” he said.

“We had our question marks, and seeing everything translating well on the track, understanding why, and being confident about the direction, was good.”

He added: “It’s been a big boost. I have to say, there’s a good buzz in the office since the last few races, mostly because, after the start of the season, a difficult start, lots of questions to answer about why and what happened then?

“Then across the summer, everyone worked really, really hard to deliver that package, let’s say, between Singapore and today, pretty much a brand new car.

“There was a lot of belief that this upgrade was going to lift our performance, and it did. And everyone is finding a lot of motivation into it.”

The team now has a good direction for the 2025 car.

“That’s what we hope,” he said. “We don’t want to be overconfident, but so far, it’s given us quite a bit of confidence.

“Understanding the struggles and picking the right direction was key. Now it’s a matter of continuing.

“We have a new front wing and a new nose for this weekend, which should be another step in the right direction, preparing us for next year.”

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November 29, 2024 · 4:31 pm

Aston Martin: Teams have to “trust F1” on Cadillac entry compensation

The renamed Cadillac team will have to pay a hefty dilution fee

Aston Martin boss Mike Krack says that the current teams have to “trust F1” to come up with the right financial package to reflect the arrival of the Cadillac entry in 2026.

Under the current Concorde Agreement a new team was obliged to pay a dilution fee of $200m to compensate the incumbent competitors for the potential loss of prize money over the course of that agreement.

The Andretti team won an entry bid to start in 2025-’27, and having missed the first date the renamed Cadillac outfit will start racing under a new Concorde Agreement in 2026.

The complication is that it is going through the entry process with the current Concorde in place, and the new one yet to be agreed by all the stakeholders.

However sources have indicated that while the current Concorde is theoretically in force the new team will pay a renegotiated fee, rather than the $200m.

A figure as high as $600m was mentioned as appropriate by some teams earlier this year. Some reports have suggested that $450m has been agreed between F1 and General Motors, which would give each current team a $45m bonus.

Krack indicated that the current teams do not know how much of a windfall they can now expect.

“Well, this came a little bit by surprise, or came a little bit unexpected,” he said when asked by this writer about 11th team entry and the dilution fee.

“And I do not have so much information about it, to be honest, so I think we have to trust F1 there, FIA, how this is going to go.

“I don’t know about what payments are being made, or have to be made. I think this will have to be defined going forward. So, yeah, I can’t say much, except that we will have to trust F1 that this is going the way it should go.”

Williams boss James Vowles, who has previously expressed concerns about how much current teams will lose out, also said that he’s relying on the F1 organisation.

“I think first of all it’s a sign of how well the sport is doing that we have a major OEM like GM joining us,” he said.

“I think it’s just a sign of the growth, a sign of where F1 is going. I don’t think there’s actually any defined amount of dilution fee. I think that’s a part of the ’26 Concorde, which hasn’t been ratified at this point.

“What I’ve said all the way through is it will have financial loss for existing teams. What we have to do now is grow the sport sufficiently, and FOM need to be aware of that in order to make things good for everyone.”

He added: “This will have a large financial impact on the existing teams, but F1 are aware, and it’s down to them to put forward a correct proposal.”

VCARB team principal Laurent Mekies indicated that there was a bigger picture in that all teams could potentially have a slice of a larger pie that GM can help to grow.

“I think all together it’s a fantastic sign for the sport,” he said. “It’s going to be pretty much all car manufacturers, probably, except for Williams and us. Even Haas is also linked to a car manufacturer now.

“So it’s a battle of giants, and it’s another sign that the sport is going towards the direction of a battle of giants.

“And the details of the financials, they are still under discussions, and hopefully they become small in the big pictures of where the sport can go for its next level.”

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November 29, 2024 · 7:46 am

Hamilton didn’t want to make Ferrari debut in Abu Dhabi test

Just two races to go for the Hamilton/Bono team

Lewis Hamilton says he didn’t want to make his first appearance for Scuderia Ferrari in the post-season Abu Dhabi Formula 1 test – but admits that missing out will hamper his preparations for 2025.

While Carlos Sainz, Nico Hulkenberg and Esteban Ocon will all be driving for their new teams at the Yas Marina track Hamilton is committed to sponsor activities with Petronas in Malaysia designed to mark his departure from the team.

However he says that he wouldn’t have wanted to have his first outing in a public test, and never formally requested a release from Toto Wolff.

He’s set to have his first drive in a 2022 car in January at Fiorano.

“I know Fred [Vasseur] wanted it to happen,” he said. “For me, I was into two minds. Driving the red car for the first time in Abu Dhabi does not excite me, in that in a perfect world, you’d get to drive it, not be seen, and do the first roll out next year.

“When I did raise it, obviously with Toto, they had all these plans that I’ve got to go and see some sponsors, for them to say their farewells.

“So I don’t think it was ever going to actually be allowed, even if I had asked to have done it, but because I’m contracted to team until December 31. And that’s totally fine.

“But it doesn’t bother me, because I wasn’t going to do the test. It’s not what I wanted to do. I told Fred, that’s not what I want to do.

“Am I missing out something? For sure, it definitely delays the process and makes the start of the year harder, but we’ll do our best to recover.”

Hamilton says as he counts down his final races before his departure from Mercedes it’s starting to hit home.

“I just sat with Bono just now, and I was like, geez, two races left together,” he said. “And so definitely we have those moments. Everyone, we just all move forwards. I can’t wait for Christmas. I’m just excited.

“I’m excited for the season to end, because we’re not fighting for any more positions in the championships, driver-wise, it’s not nothing exciting, there’s not really much that’s going to change. So I definitely miss those times where you’re battling.

“Last year, I think in Abu Dhabi, we’re fighting for that one extra point to keep us be P2, so that’s awesome. When you’re not in the battle anymore, it’s kind of less exciting. Right the second, I don’t particularly feel emotional, but I’m sure there will be a moment.”

Regarding his final race in Abu Dhabi he said: “I’ve had all year to think about it, so there’s been those highs and lows through the year, so I can’t predict how I’m going to feel next Sunday, after the race, or the days to follow, or at Christmas, how I’m going to feel.

“It’s not easy. It hasn’t been easy all year, and even next year – I remember when I joined this team, it was strange driving past my old team in the in the pit lane, to the point that I even stopped at theirs at one point. So yeah, I’ll have to work hard next year.”

Asked what he will miss by leaving Mercedes he highlighted the long term relationships that the likes of Juan Manuel Fangio and Stirling Moss enjoyed with the company.

“It’s what I’ve always said about Mercedes, is that it really is a family,” he noted. “I’ve always said that. And one of the hardest parts of the decision is obviously when you when you’re at Mercedes, you’re a part of the family forever.

“If you look at the past drivers, up until their 80s, until literally their deathbed, you’re a part of the team, and they include you and honour you for life. And that was always a worry in the decision that everything you built that ends.

“In my mind that don’t think that’s the case. I’ll always be a part of Mercedes history. In the future, I’ll always be able to come back and see the museum and know that I was a part of the history of this brand. I think we’ve all worked so hard.

“We’ve been through so much together. It’s hopefully not a burning of a bridge. I think the bridge is solidified and it will last the test of time.”

He added: “In these last two all I want is that we give it our absolute all, which I know we will. For me, these two races, aren’t going to define anything for the future, it’s not going to define our relationship or our past.

“We’ve already done everything and more than we ever set out to do so. But it would be great if we could get a win again. But we’ll see.”

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