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Tuesday, June 25, 2024
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More U.S. Companies Want A Piece of Formula 1

  • Deals between Formula 1 teams and U.S. companies have grown 66% since 2020.
  • Ferrari's sponsorship revenue has risen with its improved F1 performance.
Formula-1-cars-USA-Grand-Prix
Jerome Miron-USA TODAY Sports

Formula 1 is becoming more integrated into U.S. culture — and American brands are buying in.

There were 161 deals between U.S. companies and F1 teams in 2022, a 21.1% year-over-year increase and a 66% rise from 2020, per Sport Business.

  • Oracle became a title sponsor to the Red Bull team in February in a five-year deal worth a reported $500 million
  • In March, McLaren linked up with Google on a multiyear deal.
  • Haas, F1’s only team owned by an American (Gene Haas) scored a title sponsorship deal with Dallas-based MoneyGram last month. The team will be called MoneyGram Haas starting next year.

“We had interest, serious interest, from another company, and we chose MoneyGram, and one of the reasons was because the other company was not American,” Haas team principal Guenther Steiner told the Associated Press.

Formula 1 will add a third U.S. race next year, with Las Vegas, joining Austin, Texas, and Miami on the calendar.

Ferrari Zooms Ahead

Ferrari, second in this year’s constructor’s standings, has benefited from its F1’s team’s success.

The company’s sponsorship revenue rose 29.5% year-over-year to $121.6 million in the third quarter, which it primarily attributed to its improvement from sixth place in F1 in 2020 to third place last year.

Sponsorship revenue grew 26% to $345.2 million over the first nine months of the year.

Ferrari’s net revenues hit $1.24 billion in the quarter, a 19% year-over-year increase.

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