The most valuable media company in the world, Liberty Media, earns well from the formula 1. Not only does this benefit the company, but also the ten teams currently represented in Formula 1. However, the racing teams have to share the piece of the cake that Liberty Media gives up – strictly regulated and based on the success in the previous season.
The set of rules, the so-called Concord Agreement, is negotiated at regular intervals between the motorsport association FIA, Liberty Media and the teams. For some time now, people have been thinking about increasing the number of teams allowed to take part in Formula 1. Recently one of three applicants received the FIA’s go-ahead. But the racing team Andretti Global with us General Motors on the side couldn’t score points with Liberty Media and was rejected again. The dispute has now reached the US Judiciary Committee in the House of Representatives.
Prize money is one of the most important sources of income for the teams, alongside income from sponsorship and the sale of data from research and development. With a switch to a franchise system, the income of the individual teams could grow significantly. The model would be the NBA and NFL, which are based on this league organization. Entire teams can be sold and bought, meaning the location, name and even mascot can change. The price depends on the value of the team.
Not all Formula 1 teams can work profitably, which is a challenge, especially for the smaller teams. The most profitable teams are Mercedes, Ferrari and Red Bull. Forbes also ranks Ferrari as the most valuable team. Find out more about Formula 1 and Liberty Media here.
Here we present you the teams in short portraits for the 2024 season:
Oracle Red Bull Racing
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Red Bull in Miami
Photo: Beautiful Sports / Erlhof / IMAGO
Estimated team value 2023 (“Forbes”): $2.6 billion
Estimated revenue and profit 2023 (“Forbes”): $510 million, EBITDA: $85 million
Drivers: Max Verstappen and Sergio Perez
Test and reserve driver: Liam Lawson
Team boss: Christian Horner
Team Manager: Jonathan Wheatley
Responsible managing director: Oliver Mintzlaff
Engine: Honda
Chassis: Red Bull Racing
Seat: Great Britain
The parent company Red Bull Technology Limited, with only 50 employees, reported sales of $473.94 million and a profit of $16.47 million for 2022. The figures also include sales from other companies, it said. Red Bull Racing alone brought in $341.69 million, with profit after taxes amounting to $2.46 million. The majority of the additional income of $50 million compared to the previous year comes from the increased Formula 1 prize fund and from sponsorship, as Oracle was won as title sponsor for the corresponding season. Red Bull received $184 million from Liberty Media for the 2024 season, up from $169 million a year earlier. “Forbes” estimates sales in 2023 at $510 million, and profit before taxes and depreciation is said to have been $85 million.
2023 gave ford announced that he wanted to get involved in Formula 1 again. From 2026, with the changed specifications for the racing cars, the US manufacturer will supply the engine for the Red Bull team. Among other things, Red Bull ended up in the press with the #Metoo scandal at the beginning of the season Team boss Hornerwho is said to have behaved inappropriately towards an employee. At the beginning of May, chief designer Adrian Newey made headlines because he unexpectedly left the Formula 1 racing team.
Mercedes AMG Petronas
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Mercedes AMG Petronas in Miami
Photo: Hasan Bratic / DeFodi Images / DeFodi / IMAGO
Estimated team value 2023 (“Forbes”): $3.8 billion
Estimated revenue and profit 2023: $680.6 million, profit: $104 million
Drivers: Lewis Hamilton and George Russell
Test and reserve drivers: Mick Schumacher and Frederik Vesti
Team boss: Toto Wolff
Team Manager: Ron Meadows
Chairman of the supervisory board: Markus Schäfer
Management: Rob Thomas
Engine: Mercedes
Chassis: Mercedes AMG
Location: Great Britain
The Mercedes AMG Petronas F1 Team is considered the most profitable team. Despite a season without wins, the company came through Mercedes Benz Grand Prix Limited achieved record sales of the equivalent of $680.6 million in the 2023 financial year. No team in the history of Formula 1 has ever been able to earn so much. However, profits fell from $114 million to $104 million compared to the previous year. In 2022, sales were $524 million. In the 2024 season, Mercedes received $179 million from Liberty Media, Mercedes had taken second place in the construction rankings in 2023. A year earlier, the team received $156 million.
Driver Lewis Hamilton is leaving the team for Ferrari in 2025. It is unclear who will follow. According to media reports, the team is supposed to court Red Bull hero Verstappen. But the 17-year-old young talent is also in the focus of attention Italy, Andrea Antonelli, who is racing in Formula 2 this year for Mercedes partner Team Prema Racing. He recently completed his first Formula 1 test, where he was able to test the Mercedes W12 from the 2021 season.
Ferrari
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Charles Leclerc in the Ferrari in Miami
Photo: Douglas Murray / Action Plus / IMAGO
Estimated team value 2023 (“Forbes”): $3.9 billion
Estimated revenue and profit 2023 (“Forbes”): $680 million, EBITDA: $115 million
Drivers: Charles Leclerc and Carlos Sainz
Test and reserve drivers: Oliver Bearman and Robert Shwartzman
Team boss: Scuderia Frederic Vasseur
Team manager: Diego Ioverno
Chairman: John Elkann
Engine: Ferrari
Chassis: Ferrari
Location: Italy
Ferrari does not provide any insight into the Formula 1 team’s business figures. According to media reports, the team is said to have posted sales of $504 million in 2022.
The team most recently received $209 million from Liberty Media for the 2024 season – even though the team only reached third place in the constructors’ championship. However, Ferrari also receives a bonus payment every year, which is said to be between 70 and 95 million euros. Ferrari receives this payment because of its long-standing importance for Formula 1. Ferrari is therefore the front runner in payments from Liberty Media. The agreement on bonus payments is renegotiated at regular intervals. A draft for the rules from 2026 should still include extra payments to Ferrari, but capped.
McLaren Racing
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McLaren in Miami
Photo: Douglas Murray / Action Plus / IMAGO
Estimated team value 2023 (“Forbes”): $2.2 billion
Estimated revenue and profit 2023 (“Forbes”): $490 million, EBITDA: $58 million
Drivers: Lando Norris and Oscar Piastri
Test and reserve drivers: Ryo Hirakawa and Patricio O Ward
Team leader: Andrea Stella
Team Manager: Paul James
CEO McLaren Racing: Zak Brown
Engine: Mercedes-AMG
Chassis: McLaren
Location: Great Britain
Bahrain’s sovereign wealth fund has the majority say in the McLaren team. At the end of 2023 it was announced that the fund would take over McLaren completely, meaning that the car manufacturer’s shares in the Formula 1 team also went to the sovereign wealth fund. However, this is a 67 percent stake. The remaining 33 percent is held by the US investment company MSP Sports Capital. The consortium got involved in 2020 with a payment of 185 million pounds (around 204 million euros) and thus played a large part in the McLaren team being able to build its own wind tunnel. Zak Brown said the changes on the shareholder side would have no impact on the Formula 1 team. At the same time, he emphasized that the team was “fiscally very healthy”. In 2023, the team would have made a profit for the first time in a long time. However, the exact numbers are not yet available.
In 2022, the Formula 1 team posted a loss of around $57.5 million. According to the media, spending increased by 92 million compared to 2021. Sales were $358 million. McLaren received $117 million in prize money this year, up from $112 million the year before.
Aston Martin Aramco
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Aston Martin in Imola
Photo: Beautiful Sports / Erlhof / IMAGO
Estimated team value 2023 (“Forbes”): $1.375 billion
Estimated revenue and profit 2023 (“Forbes”): $290 million, EBITDA: $32 million
Drivers: Fernando Alonso and Lance Stroll
Test and reserve drivers: Felipe Drugovich and Stoffel Vandoorne
Team boss: Mike Krack
Team Manager: Andy Stevenson
Owner: Lawrence Stroll
Aston Martin CEO: Martin Whitmarsh
Engine: Mercedes
Chassis: Aston Martin
Location: Great Britain
There’s also a lot going on at the Aston Martin team. Owner and Canadian billionaire Lawrence Stroll, who once made his money in the fashion industry, is said to be seeking a partial sale. He had already sold part of it in November, and now a further 25 percent of his shares are to be put up for sale. According to Bloomberg, the buyer is the US group Arctos, which was there last year. There is already a lot of speculation in the media about whether Stroll’s son will remain in the driving team following the sale.
In 2022, Aston Martin made a loss of around 53 million pounds (equivalent to 61 million euros), nine million pounds more than in the previous year – even the 32 million pounds higher sponsorship income couldn’t change that. The team recorded a total of £188.73 million in revenue, compared to £150.43 million in 2021. As Aston Martin’s report shows, the Formula 1 company spent £65 million on the development of its Aston Martin F1 Campus alone . The number of employees also grew from 401 to 504 employees.
BWT Alpine F1 Team
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BWT Alpine F1 in Miami
Photo: Beautiful Sports / Erlhof / IMAGO
Estimated team value 2023 (“Forbes”): $1.4 billion
Estimated revenue and profit 2023 (“Forbes”): $325 million, EBITDA: $50 million
Drivers: Pierre Gasly and Esteban Ocon
Test and reserve driver: Jack Doohan
Team boss: Bruno Famin
Team manager: Julian Rouse
CEO Alpine: Philippe Krief / CEO Renault: Luca de Meo
Engine: Renault
Chassis: Alpine
Location: Great Britain
Times are also restless for Team Alpine. The French racing team has become a haven for some prominent investors. But on the racetrack, the poor performance of the two drivers caused a stir. Immediately after the first race weekend of the 2024 season, the chief technician and the aerodynamics boss gave up. In the opening race in Bahrain, Ocon and Gasley only followed the others. After reworking the car, Ocon was able to finish tenth in Miami and collect his first points.
Financially, the racing team reported a profit of 26.2 million pounds (equivalent to around $32.84 million) for 2022. The new title sponsor at the time, BWT, and the prize money for fourth place in the previous season generated revenue of $261 million.
The entry of US actor Ryan Reynolds as an investor together with the investment company Otro Capital caused a stir last year. Later in the year, other celebrities also got on board, including: NFL star and Taylor Swift partner Travis Kelce and his Kansas City Chiefs teammate Patrick Mahomes, professional football players Alexander Arnold and Juan Mata, professional golfer Rory Mcllroy and heavyweight boxer Anthony Joshua.
Williams F1
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Williams in Miami
Photo: Jakub Porzycki / NurPhoto / IMAGO
Estimated team value in 2023 (“Forbes”): $725 million
Estimated revenue and profit 2023 (“Forbes”): $160 million, EBITDA: minus $5 million
Drivers: Logan Sargeant and Alexander Albon
Team boss: James Vowles
Team manager: Sven Smeets
Founders: Frank Williams & Patrick Head
Chairman: Matthew Savage
Engine: Mercedes AMG
Chassis: Williams
Location: Great Britain
The racing team, which had been run as a family business for decades, was sold to the US investment company Dorilton Capital in 2020. The name Williams should still be retained in the future. The team had previously been led for years by its founder Frank Williams and his daughter. The purchase price at the time was said to have been around $160 million. The team’s value has since increased significantly and is now valued at around $600 million.
In 2022, Williams reported sales of $179.63 million. Losses are said to have been $17.89 million. In 2021, the William team’s loss was significantly higher at almost $70 million.
Whether Williams made it into the profit zone in 2023 will only be known when the figures are disclosed at the end of 2024. However, it can be assumed that the team ended up in the red again. Team boss James Vowles emphasized in an interview at the beginning of the year that most teams were losing money. For 2023, the team boss had already announced that losses were likely to increase, but sales would increase at the same time.
Racing Bulls – Visa Cash App RB F1 Team
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Racing Bulls – Visa Cash App in Miami
Photo: Beautiful Sports / Erlhof / IMAGO
Estimated team value 2023 (“Forbes”): $1.125 billion
Estimated revenue and profit 2023 (“Forbes”): $260 million, EBITDA: $20 million
Drivers: Daniel Ricciardo and Yuki Tsunoda
Substitute driver: Liam Lawson
Team boss: Laurent Mekies
Team manager: Marco Perrone
CEO: Peter Bayer
Engine: Honda
Chassis: AlphaTauri
Location: Italy
The team used to be called Alpha Tauri, but since this season the Red Bull sister team has been called Visa Cash App RB. In fact, the credit card giant Visa announced that it would take over the team in early 2024. The naming rights were sold to the payment and credit card service provider as part of a long-term contract. According to press reports, Red Bull is said to have donated almost 50 million euros to the team in 2022; more precise figures are not officially known.
It is to be expected that the team will reorganize itself with the new namesake. However, the fashion brand Alpha Tauri will still be represented at Formula 1. At the beginning of 2024, Red Bull entered into a partnership with the world motorsport association FIA for the label. Alpha Tauri will be the official clothing partner of the association around FIA President Mohammed bin Sulayem for three years. Fashion manager and former Hugo Boss boss However, Bruno Sälzer has now left the company
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Stake F1 Team Kick Clean
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Stake F1 Team Kick Sauber in Miami
Photo: Lynne Sladky / dpa
Estimated team value in 2023 (“Forbes”): $900 million
Estimated revenue and profit 2023 (“Forbes”): $210 million, EBITDA: $25 million
Drivers: Guanyu Zhou and Valtteri Ottas
Team boss: Alessandro Alunni Bravi
Team manager: Beat Zehnder
Founder: Peter Sauber
Engine: Ferrari
Chassis: Kick Clean
Location: Switzerland
Audi had already announced his plan to take over Team Sauber for some time. At the beginning of 2024, the remaining shares were finally transferred to Audi. Until then, the cars were driving on the track for Alfa Romeo, but that is now over. This season the team is racing with new title sponsors, streaming platform Kick and crypto casino and sports betting provider Stake. The team name was then changed to “Stake F1 Team Kick Sauber”.
With the entry of Audi, which will finally become visible in 2026, the management team will also change. In addition, Nico Hülkenberg, the only German driver in the Formula 1 field who currently drives for the Haas team, was hired. Audi will supply the engine from 2026 – you can find out more here about the plan of the Volkswagen subsidiary
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MoneyGram Haas F1 Team
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MoneyGram Haas F1 in Miami
Photo: Beautiful Sports / Erlhof / IMAGO
Estimated team value in 2023 (“Forbes”): $780 million
Estimated revenue and profit 2023 (“Forbes”): $180 million, EBITDA: $2 million
Drivers: Kevin Magnussen and Nico Hülkenberg
Replacement drivers: Pietro Fittipaldi and Oliver Bearman
Team leader: Ayao Komatsu
Team manager: Peter Crolla
Founder and owner: Gene Haas
Engine: Ferrari
Chassis: Haas
Seat: USA
The Haas F1 Team is an American motorsport team that has competed in the Formula 1 World Championship since 2016 and is spread across three locations in the USA, Great Britain and Italy. It was founded by US entrepreneur Gene Haas, who owns the machine tool manufacturer Haas Automation.
The team has the fewest employees of all Formula 1 teams. Former team boss Günther Steiner had emphasized in the past that only 250 employees were needed.
To build the car and engine, Haas works in close partnership with Ferrari. Unlike many other teams, the team purchases car parts and does not produce them itself.
In 2021, Haas made a profit of around $4.98 million at its British location. Figures for all locations are not known. At the end of 2023, the then team boss Steiner said according to “Motorsport” at least: “We are all financially stable, but we don’t make much profit.” Financially stable means “stable compared to before.”
In October 2022, Steiner announced that the financial service provider MoneyGram had been won as title sponsor for three years. According to press reports, this brings in $20 million per season. When Haas did not extend Mike Schumacher’s contract at the end of 2022, the Formula 1 team lost some sponsors such as 1&1 and other German donors, but also Under Armor and Home Deluxe.
At the beginning of 2024, the Haas team separated from its team boss Steiner, who sued the company for non-payment. The Haas team has also sued Steiner for alleged trademark infringement. Ayao Komatsu has now taken over Steiner’s position. The German driver Nico Hülkenberg will also soon be leaving the team and moving to Team Sauber (soon to be Audi).