Founder Stack

Watch a Formula 1 race and the business looks obvious: fans in the grandstands, cars on track, a winner on the podium. But the ticket revenue from that grandstand almost entirely bypasses Formula 1 itself. It goes to the local race promoter. What F1's parent company, Liberty Media, actually collects is something most fans never think about: a hosting fee, paid by the circuit or, increasingly, by the national government behind it, just for the right to be on the calendar at all. F1's 2025 financials break down into four uneven but complementary pillars. According to Liberty Media's full-year results, media rights fees accounted for 31.3% of total F1 revenue, race promotion (hosting) fees for 26.7%, sponsorship for 21.7%, and everything else (hospitality, freight, licensing, F1 TV) for 20.3%. No single stream dominates, which is precisely what makes the model so resilient. Total revenue hit a record $3.87 billion in 2025, a 14% jump on the year before. Revenue has now risen for five consecutive seasons, and setting aside the pandemic-disrupted 2020 campaign, when the calendar was gutted, it has grown virtually every year since Liberty Media bought the sport from a CVC Capital Partners-led consortium in 2017. The hosting-fee line tells the growth story in miniature. In 2017, the year after Liberty took over, promoter fees were worth $503 million, roughly 34% of the sport's primary revenue. Eight years later that single line item had grown to $824 million. Its share of the pie actually shrank slightly over that period, a sign not that hosting fees stalled, but of just how much bigger the whole business became around them. The gap between what different circuits pay is where this gets genuinely strange. Monaco, one of the oldest and most prestigious races on the calendar, first run in 1929, has long paid around $20 million a year, the lowest fee anywhere on the grid. Liberty pushed hard on its renewal, and Monaco is now locked in through 2035. Reporting suggests the new fee climbed substantially, though the exact figure hasn't been officially disclosed. Compare that to Qatar, Saudi Arabia, and Azerbaijan, each paying an estimated $55 to $57 million a year. Qatar's Losail circuit committed to a 10-year deal worth $550 million in total, meaning a race that joined the calendar in 2021 pays close to three times what the sport's crown jewel does. Saudi Arabia's overall F1 outlay, combining its hosting fee with Aramco's global sponsorship, is widely estimated to exceed $100 million a year, though the components aren't publicly itemised. Traditional European circuits like Silverstone, Monza, and Spa lean heavily on ticket sales and commercial partnerships to cover their fees, largely funding themselves. Gulf-state races operate on a fundamentally different model: their hosting fees are paid or substantially subsidised directly by national governments, not by ticket revenue or local promoters trying to break even. Some analysts and commentators have described