In a groundbreaking turn of events, the Formula 1 racing series has raked in a staggering $2.04 billion in sponsorship revenue during the 2024 season, coming in second only to the NFL’s $2.5 billion. This marks the first time that F1 has outperformed other major leagues such as MLB, NBA, and NHL in sponsorship earnings.
The surge in revenue is largely attributed to the influence of Liberty Media, which has been reshaping the dynamics of the sport since 2017 by infusing an American-style entertainment approach that has propelled its popularity, especially in the United States.
Powerhouse teams like Mercedes, Red Bull, McLaren, and Ferrari have made significant contributions, each averaging $6 million in sponsorship deals – eight times more than the NFL teams’ average. A pivotal 10-year contract worth $1 billion with the luxury group LVMH, encompassing brands like TAG Heuer, Louis Vuitton, and Hennessy, has also played a crucial role in boosting the commercial profile of F1.
