CNBC explores the key figures responsible for securing multi-billion dollar deals in the realm of Formula 1 in the inaugural episode of this season’s ‘Inside Track: The Business of Formula 1.’
Within the fast-paced environment of Formula One, achieving success extends beyond having skilled drivers and engineers. The individuals handling negotiations have facilitated the generation of billions in revenue away from the track, drawing income from media rights, ticketing, merchandise, and sponsorship agreements.
Stefano Domenicali, the CEO of the Formula One Group, emphasized in an interview with CNBC’s ‘Inside Track: The Business of Formula 1’ that racing alone is insufficient. Domenicali highlighted the importance of connecting with fans and recognizing Formula 1 as a global enterprise.
A pivotal development was Liberty Media’s acquisition of Formula 1 in 2017, which marked significant progress for the sport. Following this acquisition, Formula 1 has made strides into the United States, implemented a cost cap to enhance team investment potential, and expanded its appeal to a younger demographic.
Domenicali also remarked on the competition for attention, stating that Formula 1 is not just competing with other sports but with various interests. He noted that the younger generation compares sports with other forms of entertainment, such as movies, which is where the sport needs to maintain its focus and strength to sustain its success.
The episode offers a comprehensive view of dealmaking within Formula 1, featuring conversations with Stefano Domenicali, McLaren Racing CEO Zak Brown, Williams Racing Team Principal James Vowles, and Scuderia Ferrari HP Team Principal Fréd Vasseur, among others.
