Ka-ching! Formula 1 profits rise
The commercial arm of Formula 1, Formula One Administration, reported its 2005 financials this week, and let's just say 2005 was a very good year, with FOA racking up pre-tax profits of $435 million on revenues of $787 million. Excluding a $93 million one-time payment, 2004's profits were a mere $320 million on $705 million in revenue.FOA's revenue rise in the last two years is largely the result of adding new races in Turkey, China and Bahrain.
Meanwhile, F1 supremo Bernie Ecclestone took a hit to the pocketbook - his salary dropped last year from $4.6 million to $4 million, a change which is more than compensated for elsewhere, we're sure.
[Source: GrandPrix.com]
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Reader Comments (Page 1 of 1)
David 9:22PM (9/15/2006)
I just don't get this. Ecclestone is such an incredibly rich man, and yet, he cannot seem to find an optician who sells him glasses that are _not_ to small for his head - these templates are way too short and make him look ridiculous. Not to mention the disastrous haircut.
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David 9:23PM (9/15/2006)
Eeek... temples, of course, not templates.
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Steve 3:42AM (9/16/2006)
This guy has been looting the public for nerly 25 years now and there is no end in sight. What is really shocking is that he has appropriated the rights of formula 1 and grandprix names as his private property and instead of launching multi-billion dollar lawsuits against this fraudster all major F1 teams have opened their coffers for him to loot.
This must be the biggest and most debase example of foolishness and idiocy in the history of mostorsport.
Formula 1 has no creativity left now.
Engines are supposed to last only one race.
Fuel consumption would put the biggest hog on the planet to shame.
Races are openly fixed.
teams like toyota f1, mercedes, bmw burn billions every year on this junk and total nuisance with no real value or entertainment to the world. Nothing productive or positive is coming from F1.
This rascaldom continues to go unabated.
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cowboy bob 1:22PM (9/16/2006)
"Races are openly fixed". If this were true Steve, there is NO WAY it could be kept secret. Rant if you want, and shurly the money gouge is there, but unless you can show proof, let this dog lie.
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tim c 7:22PM (9/16/2006)
I've just finished reading Bernies Game by Terry Lovell, a biography of Ecclestone with particular reference to his business dealings in Formula One. It's a staggering tale of underhand deals and shell companies and backhanders the like of which would never be tolerated outside of sports. If you're a fan of motorsports I'd urge you to read a little about Bernie and find out how he's suppressed TV coverage of other formulae to the benefit of F1 and his bank balance.
Steve- I disagree that races are openly fixed, except occasionally by team orders within one team when running first and second to allow their drivers to swap places, a practice which has been carried out for at least the last fifty years and probably always.
The engines are also designed to last two races now. The F1 car is designed to be the perfectly balanced between the requirement to last the duration of the race and the opposing requirement to pare mass to absolute minimum. Colin Chapman once said the perfect racing car would drop to bits as it crossed the finishing line in first place.
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