BusinessPostCorner.com
No Result
View All Result
Tuesday, July 15, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

Formula 1 wants Monaco to shell out more to host opulent Grand Prix

May 21, 2024
in Business
Reading Time: 2 mins read
A A
0
Formula 1 wants Monaco to shell out more to host opulent Grand Prix
ShareShareShareShareShare

Liberty Media Corp., owner of the Formula 1 racing business, is seeking additional funds from the principality of Monaco as part of advanced talks for a new contract to extend the historic car race beyond 2025.

Monaco pays about $20 million a year to host the event, the lowest total on the 24-race calendar, and representatives of Liberty Media are seeking an increase, according to people familiar with the discussions. The parties agreed to the current three-year deal in September 2022. This year, the action begins on May 24.

Like all major tourist attractions, the Monaco Grand Prix delivers a big economic boost to the region, filling hotel rooms with spenders big and small. Saudi Arabia and Bahrain, two other race hosts, fork over more than $50 million a year, according to some estimates. The fees provide Formula 1 with funds it uses to pay out prize money at the end of each season. 

A spokesperson for Formula 1 declined to comment on the current talks, but said the company is not considering pulling out of Monaco. The Automobile Club de Monaco, which organizes the race, didn’t respond to a request for comment. 

Under Chief Executive Officer Greg Maffei, Liberty Media has grown annual Formula 1 revenue by more than 50% since 2019 to $3.22 billion last year. The company has been focused on expanding Formula 1 to countries beyond Europe, where the sport originated. The US now hosts three races — in Miami, Austin, and Las Vegas — and there have been persistent rumors of a race coming to another US city.

In 2022, New York City Mayor Eric Adams offered Randall’s Island as a potential venue, but Formula 1 CEO Stefano Domenicali disagreed about the viability of that location, a small island of ballfields that would be difficult to access for the 300,000-plus fans anticipated at such an event.

The Prime Minister of Thailand recently met with F1 officials to discuss a race in Bangkok.

The glamorous Monaco Grand Prix, held in the sunshine-drenched streets of Monte Carlo, is considered a bucket-list event in motorsports. Monaco organizers have been unwilling to change their business model all that much because they are confident that the history and prestige of their nearly 100-year-old circuit trumps financial considerations, one person said. Many of the drivers live in Monaco.

But Formula 1 fans and prominent racers including Max Verstappen, Fernando Alonso and Lewis Hamilton have criticized the two-mile track as oppressively dull, since the size of the modern race cars prohibits them from the daring passes and three-abreast racing that more modern circuits allow. 

“Thank God that’s over, that was the most boring race I’ve ever participated in,” seven-time world champion Hamilton said after he finished third there in 2022.

The principality has been forced to change in the past. Two years ago, it gave up the right to produce its own television coverage of the race in exchange for a new contract.

“Monaco epitomizes what F1 is,” said Vincenzo Landino, an F1 analyst and consultant who publishes the Qualifier, a newsletter about the sport. “You get rid of that, now you have a brand crisis, in my opinion.”

Subscribe to The Broadsheet newsletter to stay updated on the world’s most powerful women in business. Sign up for free.

Credit: Source link

ShareTweetSendPinShare
Previous Post

With summer road trips fast approaching, Biden seeks to lower gas prices

Next Post

Taylor Swift and Olympics ticket scams fuel 2024 fraud

Next Post
Taylor Swift and Olympics ticket scams fuel 2024 fraud

Taylor Swift and Olympics ticket scams fuel 2024 fraud

Kraft Heinz explores potential break-up

Kraft Heinz explores potential break-up

July 11, 2025
Australia’s Albanese heads to China as Trump stresses alliance

Australia’s Albanese heads to China as Trump stresses alliance

July 8, 2025
The machine-human workforce is here. How must leadership shift?

The machine-human workforce is here. How must leadership shift?

July 11, 2025
Vietnam got an early trade deal with Donald Trump. Was it worth it?

Vietnam got an early trade deal with Donald Trump. Was it worth it?

July 13, 2025
Kellogg shares soar on reports of Ferrero takeover talks

Kellogg shares soar on reports of Ferrero takeover talks

July 10, 2025
Tata Steel Port Talbot electric furnace work set to begin

Tata Steel Port Talbot electric furnace work set to begin

July 14, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Amazon’s Prime Day recap missing usual key metric

Amazon’s Prime Day recap missing usual key metric

July 15, 2025
Spanish Lawmakers Want Cryptoassets to Carry ‘Traffic Light’ Risk Warnings

Spanish Lawmakers Want Cryptoassets to Carry ‘Traffic Light’ Risk Warnings

July 14, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!