The colossal money in US F1 deals - and how Ferrari have cashed in

The sport’s growth in the US is reflected in the F1 2023 calendar which will feature three races Stateside - in Las Vegas, Austin and Miami.

Ferrari have cashed in to an extraordinary degree, according to Sport Business.

• Their sponsorship revenue grew 29.5 percent from 2021 to 2022
• It totalled $121.6m in the third quarter
• Ferrari’s improvement from sixth in the constructor’s F1 standings in 2020, to third in 2021, is a key reason for this growth
• Sponsorship revenue grew 26 percent to $345.2m in 2022 so far
• Ferrari’s net revenue is $1.24 billion so far in 2022, a 19 percent increase from this time last year

There have been 161 deals between US sponsors and F1 teams in 2022, according to the report.

This is a 21.1 percent increase from 2021 and a 66 percent increase from 2020.

Most recently, US-owned Haas announced that MoneyGram would become their new title sponsor and the team’s name would change next season to MoneyGram Haas.

McLaren have a partnership with Google, and Red Bull’s title sponsor is Oracle, also two US-based businesses.

American drivers, such as IndyCar star Colton Herta, are also being considered for F1 seats across the grid as teams maximise their visibility in the US.