Ecclestone, teams paid more by F1 - report

Ecclestone, teams paid more by F1 - report

By Motorsport.com/GMM

F1's financial loss widened in 2010 but Bernie Ecclestone took a pay-rise, documents filed in London's Companies House reveal.

The Bloomberg business news agency said the loss incurred by F1 owner CVC grew to $660 million, while the teams' income rose 21 per cent.

Bloomberg published F1 facts and figures
Bloomberg published F1 facts and figures

Photo by: xpb.cc

The teams' prize money pool in 2010 was $658 million, an average of almost $55 million per team, but with champions Red Bull receiving the most.

The prize money has increased for three years running, due to the negotiation of much better financial terms when the latest Concorde Agreement was drawn.

Teams now receive 164 per cent more income than was the case in 2007, before the new Concorde Agreement took effect.

The documents revealed that F1's total sales in 2010 was $1.08 billion, up 2 per cent due to new races including Korea joining the calendar.

The sport's net income was $296 million, with chief executive Ecclestone paid $7.9 million -- a 21 per cent increase.

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About this article
Series Formula 1
Drivers Bernie Ecclestone
Tags bloomberg, concorde agreement, cvc, ecclestone