CNBC gives you a glimpse into the individuals behind the massive financial transactions taking place off the F1 track, in the premiere episode of this season of ‘Inside Track: The Business of Formula 1.’
In the fast-paced world of Formula One, achieving success requires more than just skilled drivers and engineers.
F1’s negotiators have facilitated billions of dollars in revenue off the track, earning money from various sources such as media rights, ticket sales, merchandise, and sponsorships.
“Simply racing is not sufficient anymore. Our primary key to success lies in our ability to engage with our fans, recognizing that we operate on a global scale,” remarked Stefano Domenicali, CEO of the Formula One Group, during an interview with CNBC’s Inside Track: The Business of Formula 1.
Indeed, a significant deal—the acquisition of F1 by Liberty Media in 2017—catapulted the sport to new heights. Since then, F1 has expanded its presence in the United States, implemented a cost cap that enhanced the appeal of teams to investors, and widened its audience to include a younger demographic.
“We are not in competition with any other sport. We are vying for the attention of various interests,” Domenicali stated.
“The younger generation compares sports to movies and other forms of entertainment that resonate with them. This is where our focus needs to lie. This is where we need to excel, and perhaps this is why we have achieved such success,” he added.
Take a deep dive into the world of business dealings in F1 by watching the video above, which includes interviews with Formula One Group CEO Stefano Domenicali, McLaren Racing CEO Zak Brown, Williams Racing Team Principal James Vowles, Scuderia Ferrari HP Team Principal Fréd Vasseur, and more.