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F1 revenues up by 24% on 2022 in third quarter

Formula 1 continued to boost its revenues in the third quarter of 2023, with the headline number rising from $715m in 2022 to $887m, representing an increase of 24%.

Meanwhile, operating income was up by 61% from $82m last season to $132m for the same period this year.

The 10 F1 teams shared payments of $432m between them during the quarter, up from $370m in 2022.

However, direct comparisons across the seasons are difficult to make because of the different arrangements of races. Last year there were seven events in the July-September period, all in Europe.

This year there were eight, with the absent French GP replaced by the more lucrative Singapore and Japanese flyaway events, both of which pay higher hosting fees than the European races.

Also, some F1 income streams are distributed proportionately per quarter by the number of races, meaning this year's figure ensured that a larger amount was allocated to July-September.

The arrangement of races also meant that costs were also up for the period, with Liberty Media noting that they "increased due to higher hospitality costs driven by cost inflation and the mix of events held in the current period, as well as increased freight costs due to two additional races outside of Europe."

Source: Autosport

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