Ferrari once again leads the way as Formula One’s most valuable team, now worth $1.35. Ferrari is the world’s most valuable racing team.

The average F1 team is worth just over $500 million. The series’ ten teams combined to lose nearly $200 million last season—largely the result of a disastrous year from McLaren—but a planned spending cap aims to alleviate much of the sport’s incredible financial pressure, as reported by Forbes.

Note: All figures are Forbes estimates. Revenue and operating income are for 2018 season, and operating income represents earnings before interest, taxes, depreciation and amortization.

The challenge for F1, however, is to persuade the sport’s top teams—Ferrari, Mercedes, Red Bull—to put the brakes on their spending and give the rest of the field a chance to catch up. F1’s well-heeled teams aren’t too keen on losing their current advantages, and with their commitments to the sport expiring after next year, they’re taking the opportunity to put pressure on Liberty.

Ferrari, the world’s most valuable racing team, is now worth $1.35 billion. Although Ferrari’s series-high spending results in an operational loss — Forbes estimates Ferrari lost $12 million on $426 million in revenue in 2018 — the Maranello team still outpaces even Mercedes in value because of the longevity of its success. A stretch of strong on-track results and subsequent riches can be fleeting—just look at McLaren, which was a championship contender and among the revenue leaders until some recent disastrous seasons sent the team tumbling—but Ferrari is as old as the sport and hasn’t finished outside the top four since 1981. F1 has granted the Italian team veto powers and an annual bonus payment just for the cachet it brings to the series.