The Formula One group has made their first profit for the first time in three years.
American Mass Media company, Liberty Media, purchased the consumer rights for the sport back in 2016 for an estimated $4.4 billion USD.
In the business’ latest financial report, Liberty Media’s Formula One division has finally turned their first profit as primary shareholders.
After posing losses of $37million and $68m across 2017 and 2018, the Formula One group reportedly profited a net $17m for 2019.
“We have made significant investments in the business over the last two years which are showing results through increased fan engagement across race attendance and all media platforms. This provides tremendous momentum as we enter 2020,”said Chase Carey, Formula 1 Chairman and CEO.
Liberty president and CEO Greg Maffei similarly praised F1’s “exceptional financial results,” complementing the way the sport has grown in global audience figures.
Aggregate race attendance was reported to have risen by two percent to 4.2m in 2019, with social media followers up 33 percent to 24.9m and cumulative TV viewers rising nine per cent to 1.9 billion.
Liberty Media are currently negotiating with teams and the FIA regarding the sports new Concorde Agreement for 2021. The agreement establishes all the sporting, technical and financial regulations that govern the sport until after 2030.
The news of a profit also comes as a pleasing surprise considering F1’s operational costs increased considerably in 2019.
Payments to all ten teams rose while the sport also risked launching a wide range of digital and social media platforms.
Meanwhile the was an increase in costs to both F2 and F3 series which both saw increases in cost, maintenance and logistics over last year.
A link to the full Liberty Media Financial report can be read below: