The amount of money made by F1 is set to climb over $2bn for the first time in 2012, and will continue to rise thanks to the addition of events in burgeoning new markets
According to a report published by industry monitor Formula Money
, the inclusion of India on the 2011 schedule, and the arrival of American and Russian grands prix between 2012 and 2014 will provide an increase in the value of the sport's commercial rights of almost 50 per cent to around $2.9bn by 2015, with the current season
- the largest ever at 20 races - set to realise $2bn for the first time..
Hosting fees, paid by circuits staging F1 events, are expected to become the main source of revenue for the first time, overtaking the established cash cow, television. The report estimates that race fees will reach around $700m in 2012, with television rights netting around $600m. On top of that, sponsorship and trackside revenues are expected to reach $400m, with corporate hospitality and merchandising contributing a combined $300m.
Private equity firm CVC, which owns the commercial rights under the stewardship of Bernie Ecclestone, refused to comment on the figures put forward, a not unexpected result given the secrecy that shrouds the sport's finances, but they should make better reading for the teams that ply their trade around the globe every couple of weeks.
The teams, who are in throes of negotiating an extension to the Concorde Agreement, are thought to receive a 50 per cent cut of the profits made by the sport, and the report claims that prize monies could rise to around $1.2bn - roughly double the current figure - by 2014, with the champions beyond that point looking at a cool $185m+ with which to celebrate their success.