F1 circuits: contract lengths and how much they are paying to host 2023 races. How much F1 circuits are paying to host 2023 Grands Prix.

In the last few seasons, the F1 calendar went through several changes, leading to record numbers of events and a clear intentions from the American and Middle-Eastern markets to get more rounds on the calendar.

Taking into consideration the increasing popularity of the sport, all some countries need to do to get a lot of free advertising is shout ‘We’re looking at hosting a Grand Prix’, even if they are aware that such a plan is not at all realistic in the near future.

As a result, some classics venues, like the Circuit de Spa-Francorchamps – are now in danger of of losing their place on the calendar, as Formula 1 is looking to maximise the revenue from race hosting fees, with the Middle-East becoming a key location.

This season we will have F1 races in Bahrain (the first round of the championship), Saudi Arabia, Qatar and Abu Dhabi, which will host the final round of the season, as was the case in the last few years. Given the fact that the top management of Formula 1 wants eke out the maximum bang for its buck, events in Miami and Las Vegas in 2023 will be somewhat unique , with Formula 1 itself agreeing to pay part of the cost of each race, with the clear target of continuing the impressive growth the series is currently enjoying in the United States.

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The Silverstone circuit, the well-known venue for the British Grand Prix, has a special place in the history of Formula One given the fact that it was the venue for the first-ever World Championship Grand Prix on May 13th, 1950. Since then, Silverstone has hosted the second-highest number of Grands Prix: only Monza has hosted more F1 races than the British circuit. The Monza circuit missed out on hosting the F1 Grand Prix only in 1980. The Northamptonshire venue’s current contract with Formula is available for two more years, which means that the two parties will have to soon start discussing and negotiation about a new deal for the next seasons.

Silverstone is currently paying about $26 million per year for the honour of a slot on the calendar which is broadly inline with other European events.

Total cost of hosting fees
The table below is reported by RacingNews365, which informs that it has approached several several sources, including promoters, F1 itself and the ten teams in order to gather as much data as possible and be able to compile an overview of the current race hosting contracts each venue has with the sport – in terms of cost per race and contract length.

In total, the hosting fees came to about $711 million per year (£583 million, at the time of writing), with this money representing most of the chunk of Formula 1’s revenue in 2023.

FORMULA 1 GRAND PRIX CONTRACTS