Formula One Administration (FOA) has outlined that its sales rose year-on-year by $19 million to $1.08 billion. South Korea staged its maiden Formula One race last season, while Montreal’s popular Canadian Grand Prix returned to the calendar following a one-year hiatus owing to a financial dispute between organisers and F1 chief Bernie Ecclestone.
The addition of India to the 2011 season is set to further swell F1’s coffers, although the 20-race calendar is currently reduced to 19 owing to the uncertainty surrounding the postponement of last month’s Bahrain Grand Prix.
In other highlights from FOA’s financial filing, Formula One teams received a combined $658 million in prize money in 2010, a 21% increase on the previous year. This represented a rise for a third consecutive year as part of improved terms from the Concorde Agreement, the commercial contract which governs the sport.
The acquisition of Formula One in 2005 by leading private equity firm CVC Capital Partners saw it pledge to increase prize money in a bid to head off a mooted breakaway series. FOA added that the 2010 payout was 164% greater than 2007’s, the final year of the previous Agreement.
Formula One's key stakeholders are preparing to enter negotiations to draw up a new Concorde Agreement, with the current contract set to expire at the end of 2012.
