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.
Stefano Domenicali, CEO of Formula 1 Group, told CNBC: “Today’s racing is not enough. The main source of our success is our ability to connect with the fans and understand that we are a global company. Inside the track: The business of Formula 1 racing.
In fact, this is a big deal – Liberty Media acquires F1 2017 – Boosting the growth of the sport. From now on, F1 Expand to the United Statess, introduced a Cost caps make teams more investable and Expand viewership to a younger audience.
“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.
