Red Bull reported an increase of revenues at its world championship-winning Formula 1 team during its dominant 2023 campaign.
However the team which won the constructors’ title for a sixth time last year saw its profits fall slightly.
The team reported revenues of £307 million for the 2023 financial year, an increase of almost £30m compared to the previous period. However Red Bull’s profits fell slightly during the same period, from £2m to £1.2m. The company paid no dividends.
The company noted that “increases in the cost base are primarily driven by success based payments, reflective of the teams performance on-track in 2023.” That is set to repeat this year, as Red Bull’s record haul of 860 world championship points last season meant their entry fee for 2024 increased to $7.4m (£5.6m). That was more than the $7m fine they were told to pay in 2022 for exceeding the budget cap when it was introduced the year before.
Red Bull won all but one of the 22 grands prix held last year, as well as five out of six sprint races. They scored their second consecutive constructors’ championship triumph while Max Verstappen took the drivers’ title for the third year in a row. Team mate Sergio Perez completed Red Bull’s first ever one-two in the drivers’ championship.
Red Bull continued their winning ways at the beginning of this year, taking victory in seven of the first 10 grands prix. However several of their rivals have gained on them since, Red Bull have gone eight rounds without a win and they lost the lead of the constructors’ championship last month for the first time in two-and-a-half years.
The company is ultimately owned by Red Bull Gmbh, the Austrian soft drinks producer. Its directors are team principal Christian Horner and Red Bull’s motorsport consultant Helmut Marko.
Miss nothing from RaceFans
Get a daily email with all our latest stories – and nothing else. No marketing, no ads. Sign up here:
Advert | Become a RaceFans supporter and
Formula 1
Click Here to Read the Full Original Article at RaceFans…