Word: f1
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...teams aren't the only ones who can't make ends meet. The promoters behind F1's 19 races have seen their fees for hosting an event double to almost $30 million in the past five years - $45 million for newer races in Abu Dhabi, Singapore and Korea. As a result, they've jacked up prices for the best seats over a race weekend to an average of $722, a rise of 50% from three years ago. Average three-day attendance fell from 187,724 in 2008 to 161, 613 in 2009. "In Bahrain, all you could...
...terms of F1 economics, however - and this is especially true for the newest hosts - it doesn't matter if none of F1's race promoters comes close to covering costs. The shortfall is increasingly paid for by governments who view television coverage as a giant TV commercial for their city or country. Singapore hosts a spectacular nighttime race on city streets beneath twinkling lights. In 2008, its first year, the race took in $51 million, but cost $100 million, according to Formula Money. That's O.K. with Singapore. The government kicked in $60 million, leaving the local promoter with...
...bumpy tracks of Monza and Silverstone, the championship was a race between European cars mostly driven by European drivers and watched by European fans. The drivers took their lives in their hands every time they got behind the wheel. Many didn't make it. Jackie Stewart, three-time F1 world champion, used to look back at his house before leaving to drive at Germany's original Nürburgring in case he never saw it again. "The Nürburgring has 187 corners - it's like Afghanistan," says Stewart. (Read: "Formula One: Behind the Wheels...
...rburgring (a new, shorter version has been used since the 1980s) is not on this year's F1 schedule. Yas Island in Abu Dhabi is. The gulf state has spent $1 billion on the new track and $39 billion on the outlandish infrastructure surrounding it, including hotels, golf courses and Ferrari World, billed as the world's largest indoor theme park. Here you can experience the g-forces of an F1 racer firsthand on a roller coaster that reaches speeds of 124m.p.h. (200 km/h). The roller coaster may be more thrilling than the race itself. New tracks like Yas Island...
...balance, F1's move eastward is good for the sport. Last year, more than a third of F1's TV viewers came from China and Brazil alone. India hopes to host a race in the next few years. "Doing an American team makes a lot of sense as the sport moves away from Europe; those are the markets that American companies want to reach," says Peter Windsor, who is trying to get the new USF1 team off the ground. It also helps explain why YouTube co-founder Chad Hurley is pouring money into F1. Still, much of the sport...