How much Formula 1 circuits are paying to host 2023 Grands Prix

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In recent years, the Formula 1 calendar has undergone a considerable revamp – with record numbers of Grands Prix and the American and Middle-Eastern markets dominating. Given the boom of F1, all some countries have to do for a spot of free advertising is say ‘We’re looking at hosting a Grand Prix’, even if it is entirely unrealistic. Some classics – such as Spa-Francorchamps – find themselves under threat as F1 seeks to maximise the income from race hosting fees, with the Middle-East a prime location. In 2023, there will be races in Bahrain (the season-opener), Saudi Arabia, Qatar and Abu Dhabi – once again in its now-traditional season finale slot. While F1 seeks to eke out the maximum bang for its buck, races in Miami and Las Vegas this year are somewhat unique – as F1 itself is taking on part of the cost of each race, so important they are to continuing the “explosive” growth the series is currently enjoying. How much does the British Grand Prix pay? Silverstone and the British Grand Prix hold a special place in F1’s history as the venue for the first-ever World Championship Grand Prix on May 13th, 1950. It has hosted the second-highest number of Grands Prix since then, only second to Monza which was only missing in 1980 when Imola stepped in. The Northamptonshire venue’s deal with F1 currently runs out at the end of 2024, meaning a negotiation about a new one will be required in the next year. It is currently paying about $26 million per year for the honour of a slot on the calendar which is broadly inline with other European races. Total cost of hosting fees consulted several sources, including promoters, Formula 1 itself and the 10 teams to compile an overview of the current race hosting contracts each venue has with F1 – in terms of cost per race and contract length. In total, the hosting fees came to about $711 million per year (£583 million, at the time of writing), with this money formulating most of the chunk of F1’s yearly revenue. Formula 1 Grand Prix contracts

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