Jul.9 – Formula 1 is a fast-paced, adrenaline filled sport that has been around for decades. The drivers are some of the most talented and well paid athletes in the world. They spend every waking moment training to be better than their competition, which makes Formula 1 one of the most exciting sports on Earth.
There’s also money behind Formula 1- BIG MONEY! We’re talking millions of dollars spent on races and sponsorship, not to mention bets made by fans all over the world. We’ll explore where F1 really gets its money from: what it costs to enter a race, how much teams spend per year on salaries, who earns the biggest paycheck among drivers, why tracks cost so much more than other sports infrastructure.
The most expensive track ever built in F1 history
The most expensive track in the world was built in Abu Dhabi for £150 billion (billion). It cost that much because it was designed to be the first ever “green” racing circuit in F-1. It has an 800 square metre solar farm which is used to power a large percentage of its lights and electronic devices, it has over 2000 LED screens for spectators with giant TV screens that are placed around the track so everyone can catch all the action from any angle. It was built in 2009 and it is the only Grand Prix stadium to be designed by an award-winning architect.
The track was built as part of Abu Dhabi’s 2030 vision which aims to diversify its economy away from oil profits, so although there are many extravagant features at this track (such as a hotel inside the circuit) you can tell that they want to make a statement with it.
It is worthy to mention a track in Monaco, with a price tag of €250million EUR (approximately $311.12 million USD) as well as being one of the shortest circuits on Fórmula One calendar.
The costliest Fórmula One car ever created
The most expensive modern Formula 1 vehicle ever sold is Ferrari F2001. This particular model was Monaco-winning driven by Michael Schumacher. It was sold in 2017 for 7,5 millions of dollars. We will see if this record will be broken since there was Lewis Hamilton’s McLaren-Mercedes AMG MP4-25A on auction quite recently. We are yet to discover how much someone will pay for this car.
As for old types of Formula 1 car, there is real winner in this category. Mercedes Benz W196 from 1954 was sold in 2018 for $29,7 million making it not only the most expensive Formula 1 car ever sold and auctioned but also the most expensive car at all.
The richest Fórmula One drivers in the world
Formula one has always been an expensive sport and is now among the most costly sports in the world. The richest Formula One driver is Lewis Hamilton (born 1985) with a net worth of £130 million GBP ($169 million USD). He is followed by two other drivers, Fernando Alonso and Sebastian Vettel with a net worth of £110 million GBP ($148 million USD) each.
The richest people connected to Formula 1
Behind the drivers stand stables like Ferrari or Mercedes-Benz which are at the top when it comes to Formula One. The team that owns Mercedes, for example, has a net worth of £430 million GBP ($597 million USD).
In total there is about $11 billion (billion) in prize money given out every season and this makes Fórmula one among the most lucrative sports on Earth. However, it is also one of the most dangerous ones on the list with more than one driver dying in the last decade on track.
The richest person in the Formula 1 industry is Bernie Ecclestone, the former owner of Formula One Management and current CEO. The 86-year old man started Fórmula one as a business in 1971 with an initial investment of $100 thousand GBP ($142 thousand USD). Nowadays he has a net worth of £740 million GBP ($110 million USD). Crazy amount of money for one person.
The highest salaries for drivers
Those are paid to Sebastian Vettel and Lewis Hamilton. The British driver is earning about $45 million USD per year, while the German has a salary of an astonishing $40 million GBP ($60 million USD). Hamilton drives for Mercedes AMG Petronas and Vettel for Scuderia Ferrari.
The highest betting win in F1
The highest win from betting on an F1 race was in 2007, when an anonymous gambler won £13 million GBP ($20.88 million USD) on a single bet! He put in a bet of just £128.
Betting in the online casinó or bookmaker may be profitable since during Grand Prix and other hot periods for the betting industry, they offer quite high odds.
Why is F1 such a money-involving sport?
A single racing car can cost up to $200 million USD! That is the price of a new Formula One car. The current FA CEO Bernie Ecclestone stated that all this money goes into shows and, in his opinion, “shows must be expensive.” There are drivers who earn more than some multinational corporations do, because they not only race with other drivers in a car, but also risk their life for the show. This industry is also moving due to the number of fans.
A Formula One race in the United States, for example, attracts 190 million TV viewers. It is more than any other type of racing competition, and a level that cannot be reached by other sports like cricket or rugby union even if they are played by national teams!
Check out more items on this website about: