Earlier today, Liberty Media, Formula One Group’s parent company, reported fourth-quarter earnings.
The $17.2 billion group that Forbes called the world’s largest sports empire, continues to climb upwards.
Across its three divisions — including Formula 1, Atlanta Braves and, Sirius XM — Liberty reported over $11.4 billion in total revenue.
Formula One’s revenue skyrocketed.
An increase of 62.3% from $485 million to $787 million likely came about due to an increase in race promotion revenues.
It helps that it was the closest championship race in decades and that the previous year saw massive limitations on fan attendance.
Other points to note:
F1’s media rights revenue was flat, but sponsorship revenue increased during the quarter.
Before the cancellation consideration of the Russian Grand Prix, F1 had a record of 23 races on its calendar for the year. It’s still to be seen whether the race in Russia will go off.
More on the Russia situation and F1 in our latest letter
The Qualifier is on a journey to bring you the business, culture, and most interesting stories from Formula 1.
If you would like to join me and more than 33,000 other industry executives, sports fans, and pro athletes that receive it instantly to their inbox, subscribe now.