You cannot talk about motorsports without taking about Formula 1.550 million fans all over the world follow this sport and tune into their televisions through out the formula 1 season each year. Formula 1 action continues from March to November.
Formula 1 is not one of the most convenient sports in most parts of the world but in term of fans it has a very large fan following hence making it one of the most famous and trendy motor sport in the world. In almost 20 different countries 20 grand prix races are organized each year hence making Formula one as most followed motor sport throughout the world. In past few years the number of viewers is dwindling but even now Formula one makes a huge sum of 500 million dollars throughout rights. In most countries formula 1 is pay per view event.
Most attractive motor-sport:
Formula 1 is one of the most expensive sports. Total expenditure of different Formula 1 teams ranges from 100 million dollars to 500 million dollars in a year. Teams mostly spend this money on Top notch car engineers, on research and production of new and better designs, engines and obviously on drivers. In result formula 1 makes annual revenue that ranges between 1.5 to 2 billion dollars which is then distributed among 10 Formula 1 teams.
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Exorbitant driver contracts:
Formula 1 driver are one of the highest paid athletes in sports industry. On average one Formula 1 driver earns roughly 5 million dollars in one season whereas the drivers who are at the top make even more money.
Sebastian Vettel and Lewis Hamilton are among the most paid athletes on this planet. Ferrari signed a contract with Sebastian Vettel through which he made a total of 50 million dollars in a year. Lewis Hamilton who is the current champion secured a new deal which is worth 40 million dollars.
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Cost of hosting a formula 1 grand prix
As mentioned earlier that Formula 1 is an expensive sport, in order to organize one grand prix for 10 year total budget nears to 250 million dollars. Though it is an expensive sport yet its trend is rising and there are many new countries who are looking to participate in and host Grand prix races hence expanding its fan following.