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Hamilton Verstappen title fight 'powers' F1 back into profit

Hamilton Verstappen title fight 'powers' F1 back into profit

Hamilton Verstappen title fight 'powers' F1 back into profit

Hamilton Verstappen title fight 'powers' F1 back into profit

Formula 1 recovered from a $386million [£287m] loss in 2020 to post a $92m [£68.5m] profit last year as fans were thrilled by the title battle between Lewis Hamilton and Max Verstappen.

F1 suffered a heavy loss two years ago as the sport battled against the coronavirus pandemic to complete a campaign of just 17 rounds, many of which were held at less profitable European venues.

As restrictions gradually eased, however, F1 was able to complete 22 races last term, with Hamilton and Verstappen going wheel-to-wheel for championship honours to the last lap.

In its end of year statement, Liberty Media posted its profit off the back of revenues of $2.13bn [£1.58bn].

“2021 was a remarkable year for Formula 1 in all respects,” said F1 CEO Stefano Domenicali. “The racing was spectacular and the business produced outstanding results. “We continue to build off this strong foundation and look forward to our record-setting 23-race calendar for 2022 with new cars, regulations, races and drivers.”

The majority of the increased revenue was driven through hosting fees, broadcast deals and sponsorship with the year-on-year total rising from $1.02bn [£760m] to $1.85bn [£1.37bn].

Liberty Media president and CEO Greg Maffei added: "The finish to the Formula 1 world championship could not have been more suspenseful.

"The compelling action on the track continues to power the business’s flywheel and we recently made numerous announcements around value-creating agreements."

The effect of Netflix series Drive to Survive was again evident in the U.S. with a 58 per cent increase in cumulative viewership.

Announcing its global viewership numbers earlier this month, F1 revealed a staggering 108.7m people watched the Abu Dhabi showdown in December.

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