The Austrian outfit has become the dominant force in F1 over the past two years and saw Sebastian Vettel add to the constructors’ championship by securing the drivers’ title in 2010. Red Bull Racing is wholly-owned by the Austrian energy drinks giant through its UK holding company Red Bull Technology. Horner revealed that the £2.8 million profit figure was 75% based on the F1 operation, with the remainder coming from other projects.
Vettel and team-mate Mark Webber’s exploits last year boosted the team's prize money to about £56 million and also contributed to a rise in sponsorship income as Pepe Jeans, LG and forex broker FXDD joined the team’s portfolio. "The biggest increases for us, on the revenue side, were a 20% increase (in prize money) from Formula One Management and sponsorship," said Horner, according to The Guardian.
Red Bull Racing looks on course to repeat its 2010 success this season with Vettel only one point away from retaining his title, as the team enjoys a huge 138 point lead in the constructors’ championship. Red Bull acquired the team from Ford in 2004 and has since ploughed considerable resources into developing it. Red Bull Racing's accounts show that in 2009 it covered £96.9 million of the team's £132 million costs but Horner said it now provides less than half. “The cost of Formula One to Red Bull is below 50% (of our expenditure) and is continuing to reduce,” he added.
In other F1 news, it has emerged that teams and drivers have still not resolved a tax dispute ahead of next month’s inaugural Indian Grand Prix. The race is scheduled for October 30 and talks have been taking place to allay fears that the sport could be hit by substantial tax bills for racing in India. Race organisers Jaypee Sports International (JPSI) this month offered to pay any customs duties and taxes if required, but this has still not rectified the situation.
Formula One Teams' Association (FOTA) chairman Martin Whitmarsh has played down talk of a potential boycott of the race, but has admitted issues still need to be resolved. "There are some concerns for drivers as well as teams, because it is quite a tough tax regime," he said, according to Autosport. "I am certainly not competent to tell you where we are at, but there are negotiations and discussions going on. I am sure we will race in India but we need to resolve these issues."
