CNBC introduces you to the characters driving billions of dollars in deals off the F1 circuit, in the first of episode of this season of ‘Inside Track: The Business of Formula 1.’
In the high-octane world of Formula One, success is driven by more than just talented drivers and engineers.
F1’s dealmakers have brokered billions of dollars in revenue off the circuit, generating cash from several places, including media rights, ticket sales, merchandising and sponsorship.
“Racing today is not enough. Our main source of success is because we are able to connect with our fans, understanding that we are a worldwide business,” said Stefano Domenicali, Formula One Group CEO, in an interview with CNBC’s Inside Track: The Business of Formula 1.
In fact, it was a major deal — Liberty Media’s acquisition of F1 in 2017 — that propelled the sport forward. Since then, F1 has expanded into the United States, introduced a cost cap that made teams more investable and broadened viewership to a younger audience.
“We are not competing to any other sport. We are competing to different interests,” Domenicali said.
“The young generation, they are comparing sport with movies, with other things that are relevant for them. So that’s where we need to be focused. That’s where we need to be strong, and that’s maybe the reason why we are so successful,” he added.
Watch the video above for an in-depth look at the world of dealmaking in F1, featuring 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.
Source link
