In the first episode of this season’s Track Insider: Formula 1 Business, CNBC introduces you to the people who are driving billions of dollars in deals on the Formula 1 circuit.
In the fierce world of Formula One racing, success depends on more than just talented drivers and engineers.
F1’s dealmakers make billions off the track, generating cash from media rights, ticket sales, merchandising and sponsorships.
Formula 1 Group CEO Stefano Domenicali told CNBC Inside Track: “Today’s racing is not enough. The main source of our success is being able to connect with the fans and understand that we are a global company.
In fact, what drove the sport forward was a major deal – Liberty Media’s acquisition of F1 in 2017. Since then, F1 has expanded into the United States, introduced cost caps to make teams more investable and broadened viewership among younger viewers.
“We are not competing against any other sport. We are competing for different interests,” Domenicali said.
“The younger generation, they compare sports to movies and other things that relate to them. So that’s where we need to focus. That’s where we need to be strong and that’s maybe why we’re so successful,” he added.
Watch the video above for an inside look at the world of F1 deals, including interviews with Formula 1 Group CEO Stefano Domenicali, McLaren Racing CEO Zak Brown, Williams Racing Team Principal James Vowles, Ferrari HP Team Principal Fréd Vasseur, and more.
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