According to this agreement, every team at the end of a season gets an equal share of the F1 earnings’ percentage, for participating in the two previous seasons. Naturally, part of the revenues of each team comes from the sport itself in the form of the Concorde Agreement. Let’s see what they are and how effective they have been so far. So, as the sport became more complex over the years, these firms have used different solutions.
But that is surely not so for smaller, independent teams. This might seem a fairly straightforward task for larger teams owned by big automotive manufacturers, especially after the budget cap was introduced to level the playing field. Teams over the years have applied different strategies and business models to ensure their survival and thrive in the most technologically advanced sport of all. Furthermore, the current limit should receive more gradual cuts in the next two years. Its introduction initially thought to be gradual was accelerated due to the pandemic impact. Thanks to an agreement between the owner Liberty Media and the FIA, the sport has recently changed its rules introducing the budget cap of $145 million that was teased for a while. Ahead of the 2022 season, which will bring significant changes to the rules, Formula 1 reaches half of its longest season with 23 races initially planned.
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