Formula 1’s commercial arm saw profits fall by five per cent last year, but still managed to be over £250m to the good.
Formula One World Championship Limited, which holds the exclusive commercial rights to the globetrotting motor racing series, posted a profit of £251.7m for the year ending 31 December 2024, down £14.5m from £266.2m the year prior.
The 2024 Formula 1 season, in which Max Verstappen won his fourth consecutive drivers’ title, featured a record 24 races with the return of the Chinese Grand Prix and the Emilia Romagna Grand Prix.
This year’s calendar – the 75th year of Formula 1 – also features 24 races, while the 2026 season will consist of the same – including a move into Madrid in Spain.
Formula One World Championship Limited saw turnover jump nine per cent to over £2.1bn while the firm’s Company’s House results said the eight per cent rise in revenue was “driven by growth in both media rights revenues and race promotion fees”.
Formula 1 finances
It comes as Formula One Management Limited, the main operating company for Formula 1 Group, posted a pre-tax profit of £19.9m for the year ending 31 December 2024, up 14 per cent on the 2023 year prior.
Red Bull Racing Limited, the team which sacked principal Christian Horner this year and this week handed him an £80m pay-off, made a £1.68m profit for the year ending 31 December 2024. The Red Bull Technology Limited arm of the company will publish their results this week. Their profit is separate to the overall Red Bull brand.
And United Autosports Limited, the racing team co-owned by McLaren chief executive Zak Brown, saw profits dip slightly, from £1.97m in 2023 to £1.92m for the year ending 31 December 2024.
The Formula 1 season continues next month with a street race under the lights in Singapore. McLaren duo Oscar Piastri and Lando Norris appear to be fighting it out for a maiden title, but F1 veteran Verstappen closed the gap last week in Azerbaijan.