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Monday, May 20, 2024

Formula One Gets Another Win Off the Track

  • The sport’s quarterly revenue is up in a big way.
  • Parent company Liberty Media just released new earnings.
John David Mercer-USA TODAY Sports

Just days after Formula One completed the third running of the Miami Grand Prix, all signs point to business being as good as ever for the global racing circuit. Not only did the Miami race draw the sport’s highest U.S. TV audience ever, but on Wednesday, F1 parent company Liberty Media announced strong financial results.

During the first quarter of 2024, F1 generated $553 million in revenue. That’s a 45% increase over the same time period last year. There is one catch, though: Formula One raced three times in Q1 of this year (January through March), as opposed to two races during the first three months of ’23. This season, the F1 schedule will feature a record 24 races. Last year, F1 scheduled 24 races but ran only 23 after the Emilia Romagna Grand Prix was canceled due to excessive flooding. Still, Formula One generated $3.23 billion in total revenue in ’23, the most ever for the sport. 

During Q1, Liberty Media also agreed to acquire an 86% majority stake in MotoGP at a roughly $3.8 billion equity value. The deal for that motorcycle racing series is expected to close by the end of 2024.

Another Base Hit

Wednesday also marked the release of Q1 earnings for Atlanta Braves Holdings, Inc. The parent company of the MLB’s Braves that spun off from Liberty Media last year reported $37 million of revenue for the quarter, marking a 20% increase from the same period in 2023. Atlanta currently sits in second place in the NL East division and is averaging the fourth-highest attendance per game in all of MLB.

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