Disclosure of 2023 Formula 1 Race Hosting Fees

The fees for hosting a Formula 1 race in 2023 have been disclosed.

Formula 1 hosting fees refer to the amount of money paid by the promoter of a Grand Prix race to the commercial rights holder of the sport.

These fees vary from race to race and are typically based on a number of factors, including the location and popularity of the race, as well as the facilities and infrastructure available at the venue.

The fees collected from hosting races play a significant role in the overall financial success of Formula 1.

The Australian Grand Prix of Formula 1 is believed to have the seventh highest fees for hosting among the current list of races.

A list of promoter fees has been made public, and it is believed that the organizers in Melbourne pay approximately $37 million for each race.

The country contributing the most to the financial resources of Formula 1 is Azerbaijan, with a yearly hosting fee of $57 million.

Altogether, the holder of Formula 1’s commercial rights generates over $700 million annually solely from hosting fees.

It is important to note that the Miami and Las Vegas Grand Prix races follow a different approach, where Formula 1 collaborates with local promoters.

Among those races that have more conventional commercial agreements, Monaco has the most favorable deal with an annual fee of just $20 million. However, it is reported that the sport also receives a portion of the tourist tax which increases this amount.

The Emilia Romagna Grand Prix has the second lowest fee, followed by the Belgian Grand Prix.

Spa-Francorchamps was added to the 2023 calendar relatively late and has a contract for just the one year.

The Austrian Grand Prix is also awaiting renewal, while Azerbaijan, Britain, Italy, and Japan have only one more year left on their current agreements.

In comparison, Bahrain has secured its place on the Formula 1 calendar until 2036, which is one year longer than the current agreement for the Australian Grand Prix.

Losail is also expected to remain on the Formula 1 schedule into the 2030s, as its current contract is set to expire after the 2032 race.

Bahrain will host the first round of the 2023 season, and pre-season testing will take place at the venue from February 23-25.

Costs associated with hosting a Formula 1 race

2023 Formula 1 Hosting Fees 2023 Formula 1 Hosting Fees

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