Investors, Hollywood, close to fans
Formula 1 shows off – and Germany is just watching
07/06/2023, 6:48 p.m
Brad Pitt is there, Ryan Reynolds is investing, the fans are flocking to the race tracks in large numbers or turning on the television: Formula 1 cannot complain about too little attention. On the contrary, things are going well for the top motorsport class. Many want to take part – but Germany is left out.
Brad Pitt accelerates in the shiny gold racing car, fellow actor Ryan Reynolds even invests in a racing team. But not only Hollywood is attracted by the ongoing boom in Formula 1. “Apparently, Formula 1 is very interesting everywhere in the world,” said former Formula 1 driver Timo Glock, not without regret: “It’s dramatic to see that we in Germany can’t benefit from it.” Germany does not appear again in the 2024 racing calendar.
Formula 1 is also doing well. The shooting of an expensive Hollywood film with Brad Pitt before the race at Silverstone this weekend is just one of many proofs of this. The racing series has managed to adapt (better) to the needs of potential fans since it was taken over by the US company Liberty Media. The change is currently impressively fast, said Formula 1 Managing Director Stefano Domenicali recently: “Things that seemed impossible a year ago are now possible in no time at all.”
Investors with great interest
Alpine Racing recently stated its value at the equivalent of around 826 million euros. The French racing team is currently only in the middle of Formula 1. Alpine is far from a world title. Canadian actor Reynolds and his colleague Rob McElhenney are still putting money into the team. Together with other investors, they bought for 200 million euros.
“As is well known, once a sport in which fortunes were squandered in a few years, often with little or no return, it looks like the numbers in Formula 1 are adding up,” wrote the British “Guardian” then. And Domenicali recalls: “In the past there were teams that were sold for a pound, now the market offers almost billions and they (teams, ed.) reject it. The more everything grows, the stronger becomes the business foundation we work on.” The sports business platform Spobis recently cited an analysis according to which a takeover of the Ferrari team would cost the equivalent of 2.85 billion euros. This corresponds to an increase in value of around 130 percent since 2018.
And in the first quarter of this year alone, Formula 1 was able to increase its total income again compared to the same period last year. From approximately 326.6 million euros from January 1 to March 31, 2022, revenue for the same period this year grew by 21 million US dollars to approximately 345.6 million euros.
Formula 1 has never been in a stronger position, said Red Bulls team boss Christian Horner a few weeks ago in Miami. “We are experiencing new markets, new growth, new fans and a new target group of fans.” According to the President of the International Automobile Federation, more than five teams have expressed interest in joining the FIA, although Mohammed Ben Sulayem admitted in an interview with the AP news agency that not all of them are serious.
New Formula 1 course: Experienceable instead of unapproachable
For Glock, one of the reasons for the boom in the racing series is that fans have more insight than before. For a long time, Formula 1 was considered unapproachable. “Being able to look behind the scenes has brought a lot of positive things to sport,” said Glock, referring to the Netflix series “Drive to survive”. However, he wishes that the TV broadcasters would also be allowed to do so, simply to be able to show more. The former Formula 1 driver knows both sides, the 41-year-old is also a TV expert for Sky.
The paddocks have long since ceased to be reserved for a highly exclusive circle, and it’s not uncommon for it to be very busy. This time in Silverstone, where the shooting of the planned Hollywood film with Brad Pitt has started. They want to remain inconspicuous and wear gray T-shirts with the small black APXGP logo. The name of a fictitious racing team that also has its own box at Silverstone.
Mercedes optically souped up the car, the Formula 2 model looks a bit like a gold-plated silver arrow. And it suits the current Formula 1, at the moment everything looks like a golden future.