Red Bull Racing reported a huge financial boost in 2023, reaching £307 millionup by £30 million compared to the previous year, thanks to a Dominant, record-breaking Formula 1 season. However, the team saw its overall profits decline from £2 million has £1.2 millionwith the report attributing this to “success-based payments” tied to the team’s performance on the track.
This financial change is not a surprise after the unprecedented domination of Max Verstappen throughout the season. The Dutch driver won 19 of the 22 Grand Prix in 2023, including an incredible streak of 10 consecutive victories from Miami to Monza. Red Bull’s only mistake came during the Singapore Grand PrixOr Carlos Sainz gave Ferrari its only victory.
Although Red Bull’s profits have fallen, it’s clear that the cost of excellence is high, especially in such a season. historical than this one. The report mentions the “increase in cost base” as a direct result of exceptional success of the team, which triggered bonus payments.
In another boost to the growth of the team’s commercial portfolio, Red Bull extended its partnership with Hard Rockforming a “global alliance” that will continue for the next three years. The agreement includes expanded involvement during Key Grand Prix such as Miami and Las Vegas, further cementing Red Bull’s dominance both on and off the track.
Red Bull team principal Christian Horner expressed his enthusiasm regarding the extension, saying: “Hard Rock strengthens its commitment towards the team, which testifies to the unwavering partnership that we have forged. » This partnership will be amplified with the two drivers, Verstappen and Sergio Perezwearing pink jumpsuits during the Mexican and Brazilian Grands Prix, in support of the campaign PINKTOBER of Hard Rock to raise money for breast cancer research.
The team’s relentless success continues to generate gains financiers for Red Bull, even as it navigates the growing costs of its dominance in Formula 1. The Austrian giant remains at the top of the sport, leading the race both on the grid and in the business world.
