Combined, the sport's commercial rights holder brings in more than $700 million a year from hosting fees alone.
That is also allowing for the fact that the Miami and Las Vegas Grands Prix operate to a different model, where F1 works in conjunction with local promoters.
Of those on more traditional commercials deals, Monaco has the best at just $20 million annually, though it's reported the sport also receives a cut of tourist tax to boost that figure.
The Austrian Grand Prix is also up for renewal, while Azerbaijan, Britain, Italy, and Japan all have just this year and next to run on their current contracts.
Azerbaijan pays more than any other country to host Formula One races, with an annual hosting fee of 57 million U.S. dollars. The circuit with the lowest annual hosting fee was Monaco's Monte Carlo, at 20 million U.S. dollars.
Saudi Arabia and Bahrain, two other race hosts, fork over more than $50 million a year, according to some estimates. The fees provide Formula 1 with funds it uses to pay out prize money at the end of each season.
China. The cheapest race on the F1 2024 calendar is also its newest addition. On average, a ticket to attend the Shanghai International Circuit Grand Prix, which is set to take place on April 21, costs $199.
Currently, the circuit pays US$20 million per season, according to Statista. This is the lowest hosting fee of any of the tracks on the Formula One calendar and considerably below the likes of Bahrain, Saudi Arabia, Azerbaijan and Qatar, which all pay north of US$50 million a year.
Mistakes and mishaps in customer relations marred the return of Formula One to Las Vegas. However, despite these issues, the $500 million Sin City gamble ultimately paid off.
In total, the annual operating cost of an F1 street race is in the region of $57.5 million. Then comes the hosting fee. The average F1 race hosting fee is around $30 million, but the sting in the tail of the contract is that the price increases by as much as 10 per cent every year.
Monaco pays about $20 million a year to host the event, the lowest total on the 24-race calendar, and representatives of Liberty Media are seeking an increase, according to people familiar with the discussions. The parties agreed to the current three-year deal in September 2022.
Hosting a Formula 1 race boosts the economy of a host city and country by stimulating consumer spending and creating new opportunities in the secondary and tertiary sectors of the economy.
The most expensive F1 ticket ever is the 'Caesar's Palace Emperor Package' for the Las Vegas GP. The package is $5,000,000 and is by far the most expensive F1 ticket compared to other tickets.
Ticket prices for this year's event start at $150 for Single-Day General Admission and $600 for Three-Day General Admission, with enhanced interactive experiences, thrilling live entertainment, complimentary food and drink offerings, and more. Video Player is loading.
First off, money to pay Formula One Managment, the people running the commercial aspect of the sport. The hosting fee costs upwards of $55 million per year (and increasing), so be prepared to fork that out for the privilege of running a race. Then you need an FIA certified Grade 1 track.
As of May 19, 2024, the average hourly pay for a F1 Driver in the United States is $18.75 an hour. While ZipRecruiter is seeing hourly wages as high as $30.77 and as low as $9.86, the majority of F1 Driver wages currently range between $14.42 (25th percentile) to $20.19 (75th percentile) across the United States.
Estimates for pit crew and mechanic salaries range from $30,000 for a person who stands by with a fire extinguisher in hand to $1,000,000 for an F1 pit crew chief. Make sure to check out these roadtrip destinations before they are gone!
F1 introduced a $145 million cap on team spending in 2021 to bring parity to the sport and improve profitability. It was lowered to $140 million in 2022, but F1 later added $1.2 million to account for an added race and may have adjusted the cap for inflation accordingly.
Budget fans will spend on average approx. $600 USD to attend a race in 2023. The cheapest races include Hungary, Austria and Imola (all less than $400 USD) while the most expensive races are in Las Vegas, Abu Dhabi, USA and Miami, where you'll spend $950-1,040 USD. Mid-range fans will spend on average approx.
This type of sponsorship includes trackside advertising and branding, as well as opportunities for activation and engagement with fans. The cost of race sponsorship varies, but it is estimated to be in the range of $2 million to $5 million per race.
Introduction: My name is Tyson Zemlak, I am a excited, light, sparkling, super, open, fair, magnificent person who loves writing and wants to share my knowledge and understanding with you.
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