Formula 1 made a profit of £27.5 million ($34m) over the first three months of 2022 as its revenues continued to rise as the effects of the Covid-19 pandemic lessen.
The total revenue generated by the Formula 1 Group doubled to £291.5m ($360m) like-for-like over the first three months of 2022. This was aided by F1 holding two races over the opening three months of this year compared to one in the same period of 2021.
The increased number of races led to a rise in income through F1’s three core areas: Race hosting fees, media rights and sponsorship. During the first quarter of 2022 F1 also concluded a new deal to continue the Emilia-Romagna Grand Prix until at last 2025, and announced the addition of a third round in the USA from next year, at Las Vegas.
F1 still aims to hold 23 races this year, despite the cancellation of the Russian Grand Prix, a replacement for which is yet to be announced.
F1 CEO Stefano Domenicali said the series has had a “phenomenal start” to the year.
“The new cars and regulations are delivering as we had hoped, enabling closer racing, more overtaking, battles through the field and thrilling results. Our events are attracting growing audiences both in person and across all our platforms.
“We were pleased to announce multiple new sponsors around the start of the season, especially in the technology space. We are thrilled to debut the Formula 1 Miami Grand Prix this weekend.”
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