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FORMULA ONE INCREASES PROFITS

Formula One Administration’s latest accounts reveal that F1 increased income and profits in 2005.

FOA, the company which controls the commercial side of F1, reported a pre-tax profit of $435 million in 2005, up from $413 million the previous year. Income increased to $787 million, up from $705 million in 2004.

Formula One Administration brings in most of its revenues in from selling worldwide TV and media rights to the series as well as race licences.