System 1 has reported an elevated income of $197 million (£159m) for the third quarter of 2023, throughout which it held eight grands prix.
The collection’ earnings rose by 24% in comparison with the identical interval final yr, when seven rounds had been held.
Liberty Media’s System 1 Group reported whole income of $887m for the third quarter of this yr, versus $715m for a similar interval in 2022.
In addition to holding an additional race in comparison with the yr earlier than, F1 stated its rise in earnings was additionally the results of “elevated charges below new and renewed contractual agreements and continued progress in F1 TV subscription income.”
New sponsors agreements additionally added extra to F1’s backside line. F1 CEO Stefano Domenicali stated the collection’ latest sponsorship settlement with American Specific confirmed it’s persevering with to ship encouraging progress figures.
“System 1 continues to expertise sell-out crowds, report race attendance and powerful progress throughout our social and digital platforms, outpacing that of different main sports activities leagues,” stated Domenicali. “This progress is attracting business companions, together with our latest settlement with American Specific that marks the primary new sports activities vertical they’ve sponsored in over a decade.”
The collection paid out a complete of $432m to F1’s 10 groups. This improve in comparison with final yr was partly as a result of greater variety of races and partly as a result of “an expectation of elevated staff funds for the total yr,” stated F1.
F1 bore different further prices within the third quarter of this yr in comparison with final yr in preparation for the brand new Las Vegas Grand Prix, which accounted for $8 million of spending, and the brand new F1 Academy collection.
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