(Inautonews.com/GMM) F1’s financial loss widened in 2010 but Bernie Ecclestone took a pay-rise, documents filed in London’s Companies House reveal.
The Bloomberg business news agency said the loss incurred by F1 owner CVC grew to $660 million, while the teams’ income rose 21 per cent.
The teams’ prize money pool in 2010 was $658 million, an average of almost $55 million per team, but with champions Red Bull receiving the most.
The prize money has increased for three years running, due to the negotiation of much better financial terms when the latest Concorde Agreement was drawn.
After buying Formula One in 2005, CVC Capital Partners Ltd. agreed to increase prize money to participants to head off a breakaway series being planned by teams. The total payout to teams in 2010 was 164 percent more than in 2007, the last year of the previous accord, the statement said.
The documents revealed that F1’s total sales in 2010 was $1.08 billion, up 2 per cent due to new races including Korea joining the calendar.
The sport’s net income was $296 million, with chief executive Ecclestone paid $7.9 million — a 21 per cent increase.