In the high-octane world of Formula One, success is driven by more than just talented drivers and engineers.
F1's dealmakers have brokered billions of dollars in revenue off the circuit, generating cash from several places, including media rights, ticket sales, merchandising and sponsorship.
Our main source of success is because we are able to connect with our fans, understanding that we are a worldwide business," said Stefano Domenicali, Formula One Group CEO, in an interview with CNBC's Inside Track: The Business of Formula 1.
In fact, it was a major deal — Liberty Media's acquisition of F1 in 2017 — that propelled the sport forward.
That's where we need to be strong, and that's maybe the reason why we are so successful," he added.
Persons:
Stefano Domenicali, Domenicali, Zak Brown, James Vowles, Fréd Vasseur
Organizations:
Formula One, Liberty, McLaren, Williams Racing, Ferrari HP
Locations:
United States