Formula 1 is an expensive sport. You need to have serious cash to play in Formula 1.
As with thoroughbred horseracing’s status as the “sport for kings”, F1 is a highly coveted and respected title that attracts the most wealthy people on the planet. Let’s have a look at them…
For an example, take a look at the Claro sticker on Red Bull Racing’s rear wing. Claro is the South American division of America Movil, which is a Forbes Global 2000 telecoms company with nearly 200,000 employees and is headquartered Mexico City. Its reported revenues exceed $50 billion. According to Forbes, its chairman Carlos Slim Helu has a net worth of $62.8 million – he is currently the 16 wealthiest man in the world.
Along with his son Carlos Slim Domit, he has been the financial backbone of Sergio Perez’s entry to the team in 2021. Through their Telmex telecoms business, Slim’s career was intrinsically tied to them. This company sponsored his rise from the Skip Barter single-seater series in America to F1.
The Claro sticker Perez brought to Red Bull is attached on a car owned by some guys who we’ll be discussing in a moment. One of them is 56 , the on that richlist. His net worth is $26.9 million, but he only owns half the company.
This is a very dizzying example, but it highlights the staggering amount of money that goes into making the F1 world spin.
Which team owner is the most wealthy in F1?
Red Bull is owned by AlphaTauri and Red Bull Racing, and Dietrich Mateschitz is its co-founder, 49% owner, and managing director. The 76-year old Austrian loved F1 so much, he purchased two teams: Jaguar and Minardi.
His story is that he discovered Krating Daeng while marketing toothpaste in Thailand and was able to cure his jetlag. They collaborated with Chaleo Yoovidhya to create Red Bull, a westernized version of the drink. It quickly rose to prominence in the lucrative energy drink industry.
Red Bull sponsored Gerhard Berger’s first motorsport relationship. Later, it would own 60% of the Sauber F1 team. Until a dispute with Peter Sauber who chose Kimi Raikkonen to Enrique Bernoldi. Mateschitz purchased the Jaguar Racing team from Ford for one pound in November 2004 and, one year later, Berger bought the Minardi team, renaming them Scuderia Toro Rosso.
Red Bull Racing, led by Christian Horner (team principal), has won the F1 World Championship with Sebastian Vettel four times. Red Bull’s F1 junior team STR won the 2008 Grand Prix with Vettel. Since then, AlphaTauri has been renamed AlphaTauri to promote Red Bull Fashion.
Mateschitz also owns Red Bull Ring in Spielberg, which is the home of the Austrian Grand Prix. Yoovidhya passed away in 2012 and his son Chalerm, who is no stranger in the paddock, now owns 51%. This technically makes him the richest F1 team owner – though it is Mateschitz’s name over the door.
Which driver is the most successful in F1?
Lewis Hamilton is the wealthiest F1 driver. The seven-time world champion earns a salary of approximately $55 million annually and has a net worth somewhere between $300-$500 millions. His bank account is likely to have risen to the top of this range due to endorsement deals with Mercedes and Tommy Hilfiger as well as Monster Energy, Monster Energy, Monster Energy, Monster Energy, Bose Energy, Monster Energy, IWC, Sony Gran Turismo, Sony, IWC, Sony, IWC, Sony and MV Agusta.
According to some estimates, Michael Schumacher is worth $600-800 million. He is the man Hamilton is on par with in terms of winning world championships. Forbes listed him twice as the highest-paid athlete in 2000 and 1999. He claims that his Ferrari earnings per year reached $80 million.
Which race promoter is the most successful in F1?
Many wealthy people are associated with Formula 1’s races events. For example, Ong Beng Seng, a Singapore property and hotel tycoon who helped attract a race to his city. Or John DeJoria, an Austin Circuit of the Americas investor. Paul Mitchell co-founder is worth several billion dollars. Prince Albert of Monaco, the Principality that hosts the most well-known race on the calendar, is also believed to be a billionaire.
Then there’s Abu Dhabi and Bahrain, whose grands prix can be run by the royal families from the kingdoms. The personal wealth of the Bahrain royal family is estimated to exceed $4 billion. Crown Prince Salman, a prominent supporter of F1 and the annual race in Bahrain, is well-known. He also invests in McLaren via Mumtalakat (the sovereign wealth fund of the Gulf islands state). Its assets are estimated to be worth $17 Billion.
The investment authority, which has assets of $875 billion, is managed by Sheikh Khalifa the Emirate of Abu Dhabi. This is the largest sum managed by a head state. The fortune of his family is estimated to be $150 billion.
F1’s latest addition to its calendar, the Miami Grand Prix adds wealth to the F1 family. Stephen M Ross, owner of the Miami Dolphins NFL football team, has a net worth of more than $7.5 billion.
Real estate developer RSE Ventures was considered to be the best firm to buy Formula 1 before Liberty Media closed it. He signed a contract to bring F1 from Miami to Miami. However, this took time due to opposition from local residents and the Covid-19 pandemic.
Ross has moved his focus from downtown Miami towards his Hard Rock Stadium facility in Miami Gardens. He is now ready to build a track in the car parks of the stadium at a cost of $40 million. It will host its inaugural race in 2022.
How wealthy are Formula 1’s owners
CVC, a private equity firm, bought Formula 1 Group in 2017 from Liberty Media for $4.6 billion. John C Malone is the American billionaire and largest private landowner. Forbes estimates that his net worth is $7.8 million.
Liberty Media disclosed recently in a regulatory filing to the Securities and Exchange Commission that its CEO Greg Maffei’s compensation had increased to $47.1million in 2020. This was mainly due to stock options and stock awards. His base salary was $871 800.
Bernie Ecclestone, former Chief Executive of Formula 1 Group is believed to be worth more than $3 billion. He was Chairman Emeritus until 2020.
Which F1 race fathers are the most wealthy?
Lance Stroll, an Aston Martin driver, drives for his father Lawrence. Forbes lists his net worth at $3.2 billion. Stroll led a $235m buyout of Aston Martin’s car company. He also renamed Racing Point, his Formula 1 team, to reflect the fact that he had bought the Formula 1 team in 2018 for more than $100 million.
Stroll Sr was the brain behind the 2011 IPO fashion brand Michael Kors. He sold his last shares in 2014 He had previously brought Ralph Lauren and Pierre Cardin to Canada. In addition, he and Silas Chou from Hong Kong invested in Tommy Hilfiger, which was then used to develop the Michael Kors brand. Stroll is a well-known collector of Ferraris. He bought a 275 GTB/4 Spider Spider for $27.5 million in 2013, a record.
Dmitry Mazepin, Nikita’s father and chairman of the Uralchem Integrated Chemicals Company board, is majority shareholder. Forbes’ billionaires in 2014 and 2015 included him after he bought the $5 billion Uralkali business, the largest potash producer in the world. His name is on Haas cars in 2013. His previous work experience includes Sibur and TNK petrochemicals. He then started his own company in 2004. Uralchem has since merged with it.
Mazepin tried to buy the Force India F1 team, but Stroll won.
Nicholas Latifi, Williams driver, is the father of Sofina Foods’ chairman, CEO, and owner. He also owns an investment company and invested $200 million in McLaren Group in 2018.
Latifi Sr fled Iran at 15 to seek refuge in Canada. He was forced to flee Iran after the Shah’s overthrow in 1979. In 1995, he combined his business and engineering degrees to open a Toronto food processing company called Vienna Meat products. This company grew to become Sofina Foods with revenues of $2 billion.
After developing a passion for Ferraris, he purchased and drove an ex-Michael Schumacher F2004 as well as an ex-Kimi Raikkonen F2007.
Is there more money coming into F1 than before?
Formula 1 is finally able to control its costs from a competitive perspective with new rules and budget caps. However, this won’t stop super-rich people from getting involved and driving revenues skywards.
F1 will only grow in popularity as Liberty expands its calendar. F1 is now including a second race in America – a country where multi-billionaire owners of sports franchises are the norm, not an exception. A wider audience and Lewis Hamilton’s activism on social media, along with his successes on the track, should help F1 grow.
Dorilton Capital’s $180m acquisition of Williams F1 Team by US investment firm Dorilton Capital may not be the final cash injection or change in hands. F1’s financial health can also be gauged by sponsorship. We’ve seen Cognizant win the title at Aston Martin, Oracle become a major player at Red Bull, and TeamViewer become Mercedes’ third-largest sponsors.
McLaren chief Zak brown often says that F1 is “a place to get famous fast.” It’s not slowing down, and it doesn’t seem to be slowing down anytime soon.