News Details
F1 income drop impacts teams to the tune of $47m
Formula One suffered a decrease in its earnings in 2017 which has led to a smaller prize fund distributed to the sport's ten teams. The Formula One Group released its full results for fiscal year 2017 which saw a decline in revenue of $12m from $1,796m to $1,784m. The revenue drop was the result of 20 races taking place in 2017, one less than the previous year, a lower franchise fee associated with the Brazilian Grand Prix and a shortfall in sponsorship revenue following the loss of commercial partners UBS and Allianz. With regard to earnings, profits eroded in 2017 as Liberty Media ramped up its corporate expenses, relocating to new offices in London and significantly increasing...
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