According to a new study, the racing teams active in the high-octane world of Formula One have been awarded prize money that have gone up faster during the past seven years than the ones received by clubs in the Premier League.
The news has made the runs around the coveted Monaco Grand Prix, a race known just as well for its circuit battles as for the excesses going around the outer fences of the race track. But in the end, it also goes to show that even the 130 percent boost seen during the past seven years has not been enough for some of the teams implicated in the most desired motorsport series – they were not able to cope with the massive budget needed to remain competitive. Britain’s Premier League is home to some of the most renowned football (soccer in the US) teams- such as Manchester United, Chelsea or Arsenal – all of them attracting a cult following across the planet. It is also well regarded as one of the most equitable sports ventures. The prize money received by the 20 clubs active any given season is far above the one received by the ten active teams during a Formula One season, but the purse has not surged as fast as the latter during the past seven years.
Formula One financial figures show the prize money for the 2007 season was of $342 million, surging by 133.2 percent by 2013 to a total of $797.5 million. Meanwhile, Premier League had a purse of $1.6 billion back in 2007 and now stands at $2.6 billion, an increase of 60.3 percent by 2013.