IndyCar is seeing positive momentum after their recent Iowa double-header and this week in the Business of Motorsport you will get all the details.

I also look at the chances of Andretti making the F1 grid, a look into the business of NASCAR and how McLaren is using AI in their Formula E race car livery.

All this plus the latest motorsport sponsorship deals and partnerships, team news and more in this week’s Business of Motorsport Roundup on Motorsport Prospects.

Motorsport Industry News

Formula 1

IndyCar Sees Positive Momentum After Iowa Double-Header

Apparently, it will take another four to six weeks before the FIA will be ready to reveal whether or not Formula 1 will be getting up to two new teams. Ben Sulayem says he understands the existing teams’ opposition on financial grounds, but it is his duty to “do the right thing for the sport.”It is clear that Ben Sulayem’s personal favorite for an 11th team entry is Michael Andretti’s outfit.

The Sports Rush explains how the young drivers program of Mercedes and Red Bull contributed $80,000,000 in revenue. “In F1, seven teams have invested in their young drivers’ program heavily over the last few years. They just don’t produce world-class talents but also have become a center of profit as of late. However, Red Bull and Mercedes are two teams who stand out and have benefited the most from this investment.”

Formula 1 knows how to make a dollar, and the circuit is squeezing every last cent out of its upcoming Grand Prix debut in Las Vegas this November. Reports are that Formula One is demanding that Las Vegas venues pay US$1,500 per head for an unrestricted view of the Grand Prix later this year.

Formula 1 has announced that the Hungarian Grand Prix will remain on the calendar for an additional five years until 2032, extending the existing deal that ran until 2027. The new agreement follows an announcement that the Hungaroring will undergo significant development and refurbishment in the coming years, including a new pit building and main grandstand.

General Motorsport Industry News

Last weekend’s IndyCar double-header at Iowa was a hit in the TV ratings putting the series on pace for its most-viewed season in seven years. And NASCAR’s Pocono ratings were strong as well.

As reported by Forbes, a new report by GlobalData, The Business of NASCAR 2023, gives a peek under NASCAR’s financial hood. “Recently, however, GlobalData released The Business of NASCAR 2023, a report by its intelligence center, a copy of which was provided to me. The report provides an analysis of the current business landscape in NASCAR—a peek under the financial hood, if you will. It shows not only that the sport is doing quite well financially, but some surprises as well.”

NASCAR is close to 14 years into its dedicated gaming and esports activations (which started around iRacing), and those efforts are now paying dividends for the sanctioning body. “NASCAR has cast a wide net as part of its strategy, which has evolved over time from a pure licensing play to a multi-pronged effort across various demographics. While NASCAR continues a natural involvement with iRacing, it has crossed over into esports through other games and organizations, while also pushing its gaming efforts into Roblox.”

World Superbike Championship (WorldSBK) has cancelled its 2023 season finale in Argentina. A WorldSBK statement said: ‘It has been decided to wait and keep the schedule of events open for the new administration, showing respect for the political context and allowing proper planning for events of the magnitude of WorldSBK.’

GM Sports Car Program Manager Laura Wontrop Klauser hopes to keep alive the manufacturer’s bid for a GTD Pro championship in IMSA as she explains how the manufacturer is both thinking outside the box while also working inside it.

“BOP is a touchy subject,” Klauser said. “It’s something that is part of what we do, because without it, the budgets would just get absolutely out of control. If you can constantly be refreshing your car, re-doing it, the money pit would just get bigger and bigger and bigger, and ultimately it would price a lot of us out of being able to do this.”

Motorsport Sponsorship & Partnership News

Here are the latest motorsport sponsorship deals, partnerships and related analysis that were announced this week.

Team News

Here is a roundup of the latest team news from around the world of motorsport.

Motorsport Movers & Shakers

Ferrari has confirmed sporting director Laurent Mekies is leaving the team this week in order to take up the role of team principal at AlphaTauri. “As from the Belgian Grand Prix, part of Laurent’s duties on the pitwall will be carried out by Diego Ioverno, who takes on the role of sporting director,” a team statement read. “He will be responsible for all sporting matters, as well as liaising with the FIA. Ioverno is a veteran member of the Scuderia having worked in Maranello for the past 23 years.”

Legacy Motor Club has appointed former team owner Cal Wells III as chief executive officer. “Cal’s start with Legacy M.C. is the start of a new era,” team co-owner Maury Gallagher said. “With the addition of Cal, we have the right people in place. He has more than 40 years of experience in racing and his senior management experience will shine through immediately. We have had a season of many changes starting with Jimmie [Johnson] partnering with the team and the re-branding of our team, so the addition of Cal is the ‘icing on the cake’ for us right now.”

Author: Mark Boudreau

Mark is the publisher of Motorsport Prospects. As a former lawyer, he applies his legal background and research skills to assist race drivers by showcasing the resources they need to make their motorsport careers happen.