The Business of F1 Happens at the Monaco Grand Prix

Despite the rise of Singapore and Las Vegas, the business of Formula 1 happens at the Monaco Grand Prix and there is a whole lot of business to conduct as you will find out in this Business of Motorsport Roundup. Whether it’s the impressive poaching of an FIA official by Michael Andretti, debates over the locations of the next Grand Prix or negotiations over the Concorde Agreement, the business of F1 is accelerating.

This week I also have news on charter negotiations in both Indycar and NASCAR, Formula E’s calendar dilemmas as well as the latest motorsport sponsorship and team news. In the Motorsport Law Roundup, I look at the trials in the wake of the tragic death of Ayrton Senna. All this and much more in this week’s edition of the Business of Motorsport on Motorsport Prospects.

Motorsport Industry News

Formula 1

Pat Symonds

The Andretti F1 bid took an interesting turn this week so let’s take a look at what happened.

Let’s see what happens next week!

While the chances of a fourth Grand Prix in the United States appear unlikely, F1 is turning their gaze to Asia, more specifically Thailand, South Korea and Indonesia. It looks like Thailand is in the driver’s seat as representative of the country were at the Imola Grand Prix last weekend for talks with F1. The Race explains at why Thailand is looking to host a Grand Prix.

The Concorde Agreement, the contract that governs the operation of F1 racing is currently being renegotiated for its implementation in 2026. While the agreement is confidential, well placed speculation has it that

  • Ferrari will keep their bonus payment but it will be capped.
  • The cap would rise to $220 million.
  • The “anti-dilution” fee would increase.
  • There is much debate over the shifting of things such as parental leave and staff entertainment to be accounted for within the cost cap as opposed to outside it like it is is now.

While negotiations are in flux and there are differences of opinion, it seems that a lot of the broader points have been agreed to. Joe Saward in his latest Green Notebook provides a great summary of what is being negotiated

The prize money structure is likely to be changed to give the smaller teams a better share and the extra money that Ferrari receives will remain, but it will be capped and no longer a percentage of the revenues. There is also a new system for new entries, which will require applicants to fulfill certain requirements (as yet unknown, but likely to include racing and winning in Formula 2 and Formula 3) and a bigger anti-dilution fee that applicants will have to pay to get access to the prize money. There may also be a first year without any prize money to make sure that any new teams are serious. The FIA’s involvement in this is minimal as it has the separate Concorde Implementation Agreement, which runs until 2030, covering governance and associated fees, which are index-linked.

Green Notebook from Cogoleto

Monaco Grand Prix

Huddle Up has a guide to everything you need to know about the financials of the Monaco Grand Prix which makes for fascinating reading. “For example, while some tracks, like Azerbaijan, Saudi Arabia, and Qatar, pay more than $50 million annually to host a Formula 1 race, Monaco pays just $20 million.” Reports are out though that F1 is looking to increase those hosting fees.

The BlackBook Motorsport Podcast Mic Out looks at whether the recent edition of the Miami Grand Prix is a turning point for Formula 1 in the United States. You can listen to the episode here.

BlackBook Motorsport has also announced that their Formula One 2024 Business Report is now available. “Bringing together thousands of data points and analysis into one aggregated offering, SportsPro’s new Formula One 2024 Business Report contains over 80 pages of intelligence and insights; the breadth and depth of which simply doesn’t exist anywhere else in the industry.”

General Motorsport Industry News


Racer reports that IndyCar Series team owners will have a new opportunity to review and possibly agree to move forward with a new charter system that series’ owner Penske Entertainment has been developing for the last six months. “We’ll have another discussion with all the owners before the 500,” Penske Entertainment CEO Mark Miles told RACER. Check the link for all the details.

IndyCar is starting to decide what type of engine they want for 2027 and beyond and it looks like it will not be too different from what they are running today.

“If this line of thinking holds, today’s engines would be largely locked down in the next year or two at whatever state of development agreed upon by the series and its manufacturers. Once that were to happen, a wide-ranging list of R&D limitations would be implemented to further reduce the annual monetary outlay to participate as IndyCar engine suppliers.”

NASCAR has also been working to update their charter system with their teams which has not been going smoothly. Sports Business Journal reports that there could be an increase in supply in the market if Stewart-Haas Racing decides to sell some of theirs.

“With the possibility SHR could sell as many as all four of its charters, supply has shot up in the charter market at the same time that teams have yet to strike a new revenue sharing agreement with NASCAR.”

Sports Business Journal is also reporting that NASCAR is using initiatives like their “Full Speed” docuseries as a way to get more fan engagement. “NASCAR Chief Digital Officer Tim Clark went on to note that the “Full Speed” mode of storytelling is just one method the racing series is deploying to further engage with its fans.”

Not only is Full Speed a way to increase fan engagement, the series is also looking to iRacing for much the same thing. “NASCAR has learned the importance of digital innovation in fan engagement from its participation in iRacing,” Nick Rend, NASCAR managing director, gaming and esports, told SBJ. “It has helped attract younger audiences and seen drivers like William Byron and Rajah Caruth transition from virtual racing to professional motorsports.”

Business of Motorsport

In Formula E news, as the series looks to solve six calendar dilemmas for 2025, they are aware that Porsche, who recently confirmed their participation in the series until 2030, wants more from the series. “Sometimes you feel like asking Laudenbach the engineer, rather than the motorsport director, what he really thinks about Formula E’s technical future. And to be fair to him he doesn’t dodge many questions about it. It has long been known that Porsche would like to see greater freedoms on particular battery technology.”

While the World Endurance Championship looks to keep the number of races on the calendar at eight for 2025, the ACO is looking to increase capacity both in the stands and on the grid in the near future for the 24 Hours of Le Mans. “(…) Our temporary pits – that are located at the beginning of the pit-lane – will become permanent. (…) We don’t forbid ourselves from building a few additional ones. We are talking about two, possibly three additional garages”.

SpeedCafe reports that the Newcastle 500 may not be dead just yet, as New South Wales local government elections loom later this year. “Instead, indications are that potential Liberal Party lord mayoral candidates for Newcastle City Council could make the return of the Supercars event part of their policy platform when voting takes place in September.”

The remaining races on the 2024 Nürburgring Endurance Series calendar have been cancelled, as the organizers shift their focus to the 2025 season. A statement from the organizers in part read:

“Despite sufficient sponsors, intensive efforts and numerous conversations regarding the organisation of the races, the Nürburgring Endurance Series (NES) is cancelling all race events scheduled for 2024. At the same time, the NES will be focussing immediately on preparations for the 2025 racing season. In order to enable the teams to have a perfect 2025 racing season with ideal conditions, the NES will cancel the remaining race dates for 2024 and use the capacity to train additional neutral marshals. The first dates of the training, which is free of charge for participants, will be announced shortly on the website.”

Quick Takes on the Business of Motorsport This Week

F1 Arcade Boston

The Numbers

Business of Motorsport

Motorsport Law Roundup

A look at some of the legal and regulatory issues and analysis in Motorsport this week

Business of Motorsport

Last weekend’s Imola Grand Prix marked the 30th anniversary of the deaths of Ayrton Senna and Roland Ratzenberger. While Sebastian Vettel led an emotional tribute on and off the track, Autoweek published details on the trial that followed in the aftermath of that terrible weekend.

Under Italian law, the Williams team found itself on trial for manslaughter. The affair dragged on for years–and, at one point, F1 threatened to cease holding Grands Prix in the country. In December 1997, owner Frank Williams and several other team member—including technical director Patrick Head and chief designer Adrian Newey—were acquitted.

The Italian Supreme Court in 2003 reopened the case and closed it in May 2005, with Newey acquitted fully. Ultimately, in April 2007, verdict No. 15050 stated, “It has been determined that the accident was caused by a steering-column failure. This failure was caused by badly designed and badly executed modifications. The responsibility of this falls on Patrick Head, culpable of omitted control.” However, Head was not arrested and the case was over, finally, because Italy’s statute of limitations for manslaughter spanned just seven years, six months.

F1 Great Ayrton Senna’s Death: The Car, the Helmet, the Funeral, the Trial, and More

Motorsport Sponsorship & Partnership News

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

RLL Racing Sponsor
Business of Motorsport
The Business of F1 Happens at the Monaco Grand Prix
The Business of F1 Happens at the Monaco Grand Prix

Team & Manufacturer News

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

Business of Motorsport
The Business of F1 Happens at the Monaco Grand Prix
Ansible Motion’s Delta S3 driver-in-the-loop (DIL) simulator
Business of Motorsport

Mark Boudreau
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.