Formula Money, the industry monitor for Formula One motor racing, today launches its second annual review which reveals the extent of the sport’s drive into new markets. This year, for the first time ever, race hosting fees bring more money to F1’s commercial rightsholder than TV broadcasting rights. The addition of high-paying new races in Singapore and Valencia has driven fees up to $403.5m, over $23m more than the amount brought in by television rights.
This year revenues from all businesses within F1 will reach a record total of US$4.7bn. The biggest component of this is the $1.6bn spent by the team owners, which increased from $1.47bn in 2007 largely due to the arrival of Indian billionaire Vijay Mallya who runs the Force India team.
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