F1, Liberty Media publishes the financial statements for the second quarter of 2023
Formula 1 is feeling the absence of the Emilia Romagna Grand Prix at Imola. According to the financial statements published by Liberty Media today, the sport recorded a minus sign in the revenue and earnings columns. Compared to the second quarter of 2022, Formula 1 revenues have decreased by $20 million, while operating income has decreased by $5 million.
Specifically, the overall revenues of F1 went from $744 million to $724 million (-2.7%), and the operating income remains but slows down: from $146 million to $141 million (-3.4%). F1 teams shared payments of $344 million, down from $368 million at the beginning of 2022. This is because Formula 1 had eight events scheduled in the first quarter but had to give up China and Imola, thus receiving more income from promoters compared to 2022 but distributing less to the teams.
Primary revenues, derived from race promotions, TV rights, and sponsors, are down by $10 million (from $628 million to $618 million), but Liberty Media itself clarifies that revenues from circuits have increased, while the cancellation of two GPs caused a drop in TV rights. F1 also noted that during this period, expenses of $7 million related to the upcoming Las Vegas Grand Prix to be held in November were paid.
Words from Stefano Domenicali
“Formula 1 is capitalizing on its growth, and its fans are engaged in this sport through traditional, digital, and social media platforms. We congratulate Red Bull on its record performances so far and are excited to see that the gap between the rest of the grid is narrowing, producing thrilling rivalries on the track,” said Stefano Domenicali, President, and CEO of Formula 1. “Next year, we will host 24 races worldwide, with races closer together, benefiting the efficiency of operations for both F1 and our teams.”
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