The 2021 season delivered for Formula One both on and off the track.
Since Max Verstappen controversially pipped Lewis Hamilton to the drivers’ championship in Abu Dhabi it has been revealed that the global motorsport series’ revenue last year was up by 87 per cent to US$2.14 billion, while its cumulative broadcast audience climbed to 1.55 billion.
Now, the question is whether Formula One can capitalise on that success in 2022, a year that was originally scheduled to feature a record-breaking 23 races, including returns to Australia, Canada, Japan and Singapore, as well as a Grand Prix in Miami for the first time.
Even before the first race in Bahrain on 20th March, however, Formula One’s calendar has shrunk from 23 races to 22. In the wake of Russia’s invasion of Ukraine, the series has cancelled the 2022 Russian Grand Prix and terminated its contract with the event promoter, reportedly costing the championship US$53 million. At the time of writing, it remains unclear whether or not Formula One will replace the race in Russia, although series chief executive Stefano Domenicali has said that it will be “no problem at all” to fill the gap created in the schedule.
Formula One will have to replace the Russian Grand Prix from 2022 onwards
On the track, 2022 will mark the start of a new technical era for Formula One as part of an overhaul originally planned for last year. It is hoped that the regulation changes will bring about more exciting racing, greater competitive balance and improved financial sustainability in the sport, with this season’s cost cap also dropping from US$145 million to US$140 million per team.
Looking to sponsorship, eight out of ten teams will enter the 2022 season with either a cryptocurrency partnership or non-fungible token (NFT) deal. Branded in some quarters as the new tobacco sponsorship owing to widespread ethical concerns, deals with brands from the crypto sector have become increasingly prevalent in Formula One over the past 12 months.
Among the most high-profile partnerships is Red Bull Racing’s deal with Bybit, which is reportedly worth a whopping US$150 million. Even Formula One itself has struck a deal with Crypto.com, which is paying a reported US$100 million to be the series’ official sprint event partner and was also recently announced as the title sponsor of the Miami Grand Prix. However, the risks of partnering with crypto firms were highlighted by the collapse of McLaren Racing’s agreement with Bitci after less than a year.
On the broadcast front, this will be the first season of Formula One’s new media rights deal in the Netherlands with Viaplay, the streaming service operated by Nordic Entertainment (Nent) Group. The series will also soon be turning its attention to its next broadcast deal in the US, where audiences have been steadily increasing on ESPN. The Disney-owned network has suggested it is keen to renew the partnership beyond the 2022 season, but Netflix has hinted that it is considering a surprise bid for the rights on the back of the success of Drive to Survive, which returns for a fourth season this month.
Finally, Formula One has also continued to see the benefits of its efforts in esports. The championship reported that its esports series generated more than 23 million views across its various digital platforms during 2021, a 103 per cent year-on-year (YoY) increase from 2020.
With all the numbers trending in the right direction, BlackBook Motorsport provides its annual Formula One preview of all the commercial details you need to know heading into the new season.
We’re almost ready to begin our adventure in 2022 🙌#F1 pic.twitter.com/iipHpyTkXY
— Formula 1 (@F1) March 12, 2022
Teams
Alfa Romeo
Owner: Longbow Finance
Managing director: Frederic Vasseur (also team principal)
Drivers: Zhou Guanyu and Valtteri Bottas
Base: Hinwil, Switzerland
Power unit: Ferrari
Title partner: PKN Orlen (value not reported, extended in 2021 for third year)
Other partners: Adler, Acer, Accelleron, AMX, Camozzi, Code Zero, Delsey, DRF Bets, Singha, Additive Industries, Ferrari Trento, Floki, Globeair, Hyland, Iveco, Marelli, Mitsubishi Electric, Modere, Pirelli, Puma, Rebellion, Sebelt, Save the Children, Socios, Walter Meier, Web Eyewear, Zadara, ZCG
Offseason developments: Polish petroleum firm PKN Orlen announced an extension to its title sponsorship with Alfa Romeo ahead of the new season, meaning Robert Kubica will be retained as a reserve driver for the team, which has also agreed a new fan token partnership with Socios. Additionally, Alfa Romeo were linked with a takeover by American motorsport giant Andretti as it seeks an entry into Formula One, but the deal has since fallen through.
Alfa Romeo has welcomed driver Valtteri Bottas to the team in 2022
Alpine
Owner: Groupe Renault
Chief executive: Laurent Rossi
Team principal: Otmar Szafnauer
Drivers: Fernando Alonso and Esteban Ocon
Base: Enstone, UK
Power unit: Renault
Title partner: BWT (value not reported, multi-year deal signed 2022)
Other partners: Castrol, British Petroleum, RCI Bank and Services, Mapfre, Renault E-Tech, Microsoft, Mandiant, Binance, Dupont, Plug Power, Delphi Technologies, Data.ai, Bell and Ross, Kappa, Sprinklr, Boeing, Genii, Eurodatacar, Perkin Elmer, Shamir, Siemens, Yahoo, 3D Systems, AlpineStars, Alpine Eyewear, Elysium, GCaps, Hexis, KX, K-Way, Linde, Matrix, Roland, Trak Racer, Volume Graphics
Offseason developments: Following its departure from Aston Martin at the end of 2021, water treatment supplier BWT has reappeared as Alpine’s title sponsor ahead of the 2022 season. The team also now has a fan token deal with Binance and an outfitting partnership with Kappa. Additionally, Alpine have appointed a new team principal, Otmar Szafnauer, who previously led Aston Martin until his departure in January.
Introducing BWT Alpine F1 Team.
— BWT Alpine F1 Team (@AlpineF1Team) February 11, 2022
We’re proud to combine forces with BWT to drive sustainability around the world using the shared global platforms of Formula 1 and the automotive industry.
Click below to read more 🔗
#BWT #BestWaterTechnology #ChangeTheWorldSipBySip
AlphaTauri
Owner: Red Bull
Team principals: Franz Tost
Drivers: Pierre Gasly and Yuki Tsunoda
Base: Faenza, Italy
Power unit: Red Bull
Title partner: Alpha Tauri
Other partners: Honda, Fantom, Epicor, Randstad, ICM.com, FlexBox, Pirelli, DAZN, Ravenol, Riedel, Siemens
Offseason developments: AlphaTauri’s previous engine supplier Honda ended its involvement in Formula One at the end of the 2021 season, meaning it will no longer supply power units to the team and big brother Red Bull Racing. Instead, AlphaTauri’s power units will come from the new Red Bull Powertrains division from 2022 onwards. On the sponsorship front, the team has extended its blockchain partnership with Fantom after originally securing the deal in 2021.
AlphaTauri will be powered by Red Bull Powertrains for 2022
Aston Martin
Owner: Lawrence Stroll
Chief executive: Martin Whitmarsh
Team principal: Mike Krack
Drivers: Sebastian Vettel and Lance Stroll
Base: Silverstone, UK
Power unit: Mercedes
Title partners: Cognizant (worth up to UK£30 million per year, multi-year deal signed 2021) and Aramco (value not reported, long-term deal signed 2022)
- Read more about Aston Martin here: Lawrence Stroll on Aston Martin’s new Aramco deal and the impact of the brand’s F1 return
Other partners: Peroni 0.0, Crypto.com, JCB, NetApp, Sentinel One, Juniper Networks, EPOS, Girard-Perregaux, Socios, Pirelli, Bombardier, TikTok
Suppliers: Oakley, Ogio, Hackett London, IFS, Altair, Ebb, STL, Pelmar, Voip Unlimited, AlpineStars, Schuberth
Offseason developments: Aston Martin have secured a new strategic partnership with Saudi company Aramco, which will share the naming rights to the team with existing title sponsor Cognizant. Team principal Mike Krack is a new addition to the team following the departure of Szafnauer, while Aston Martin have also broken ground on a new US$276 million factory in their home of Silverstone. Additionally, a new content partnership with TikTok has been signed in an effort to engage with a younger, digitally engaged demographic.
Since taking over the team, Lawrence Stroll has brought two title sponsors to Aston Martin
Ferrari
Owner: Fiat
Team principal: Mattia Binotto
Drivers: Charles Leclerc and Carlos Sainz
Base: Maranello, Italy
Power unit: Ferrari
Title partner: N/A
Partners: Shell, Santander, Velas, Snapdragon, Ray-Ban, Amazon Web Services, Richard Mille, Ceva Logistics, Estrella Galicia, Palantir, OMR, Puma, Kaspersky, RadioBook, VistaJet, Giorgio Armani, Mahle, Pirelli, SKF, NGK Spark Plugs, Brembo, Manpower Group, Techno Gym, Iveco, Bell Helmets, Riedel, Garrett, Sabelt, Qualcomm Technologies
Offseason developments: Across the entire business, 2021 was a largely successful year for Ferrari as the organisation cited its Formula One operations as a significant contributor to its €431 million (US$486 million) revenue. The Formula One team has also had a bit of a sponsorship shuffle following the apparent departure of Mission Winnow and the end of its nine-year partnership with logistics firm UPS. To that end, Ferrari have reunited with Santander, which was previously a sponsor from 2010 until 2017, and signed a new deal with Qualcomm Technologies.
Ferrari saw its revenue rise amid an uptick in on-track performance in 2021
Haas
Owner: Gene Haas
Team principal: Guenther Steiner
Drivers: Mick Schumacher and Kevin Magnussen
Base: Kannapolis, United States
Title partner: N/A
Power unit: Ferrari
Partners: 1&1, AlpineStars, Cyrus, Home Deluxe, Ionos, Maui Jim, Pirelli, Schuberth, Taittinger, Tricorp WorkWear, Under Armour
Offseason developments: Haas have made drastic changes in the weeks building up to the new Formula One season amid Russia’s ongoing invasion of Ukraine. In a statement released on 5th March, the team said it has ended its relationship with Russian title sponsor Uralkali and driver Nikita Mazepin, whose contract was linked to the title sponsorship deal. Chemical giant Uralkali is owned by Mazepin’s father, Dmitry, who is an oligarch with ties to Russian president Vladimir Putin. The move came despite the fact that the International Automobile Federation (FIA) had ruled Mazepin would be allowed to compete under a neutral flag.
TEAM STATEMENT #HaasF1 pic.twitter.com/5aEXLzYtmV
— Haas F1 Team (@HaasF1Team) March 5, 2022
McLaren Racing
Owner: McLaren Group and MSP Sports Capital (minority owner)
Chief executive: Zak Brown
Team principal: Andreas Seidl
Drivers: Lando Norris and Daniel Ricciardo
Base: Woking, UK
Power unit: Mercedes
Title partner: N/A
Partners: British American Tobacco, Dell Technologies, Dark Trace, Arrow, Tezos, Webex, Unilever, Splunk, Stanley Black and Decker, Alteryx Analytics, SmartSheet, Data Robot, Gulf, GoPuff, Coca-Cola, CNBC, FxPro, Party Casino, Hilton, Medallia, Castore, Richard Mille, Easy Post, Free Fire, Immersive Labs, Klipsch, Tumi, Deloitte, Sikkens, Mind, Sparco, Logitech, SunGod, FAI Aviation Group, Ashurst, Pirelli, Mazak, Stratasys, Kaust, TechnoGym, Hookit, Merchants, AlienWare, Veloce Esports, New Era
- Read more about McLaren Racing here: “Our racing portfolio is probably the best in motorsport”: Zak Brown on McLaren Racing’s F1 success
Offseason developments: McLaren Racing bolstered their esports operation by unveiling a new gaming studio at their Woking headquarters in July. Additionally, it was announced in August that Mclaren are acquiring a majority stake in the Arrow McLaren SP IndyCar team. McLaren itself has been linked with a takeover by Audi, but those rumours were swiftly denied by the team.
McLaren Racing had a successful 2021 season, securing their first win since 2012
Mercedes-AMG
Owner: Daimler AG, Ineos, Toto Wolff (33 per cent each)
Chief executive: Toto Wolff (also team principal)
Drivers: Lewis Hamilton and George Russell
Base: Brackley, UK
Power unit: Mercedes
Title partner: Petronas (Original deal worth US$42 million a year, extended 2017, length not reported)
Principal partner: Ineos (UK£20 million a year, signed 2019, expires 2024)
Other partners: UBS, TeamViewer, Crowd Strike, FTX, Hewlett Packard, IWC Schaffhausen, Marriott Bonoy, AMD, Monster Energy, Pure Storage, Tommy Hilfiger, TIBCO
Suppliers: Puma, Police Eyewear, OZ Racing, Endless, Axalta, Belstaff, Pirelli
Offseason developments: Mercedes-AMG have been placing a greater focus on its efforts in diversity, securing a deal with the Association for Black and Minority Ethnic Engineers UK (AFBE-UK) to inspire people of BAME origin to enter engineering. Additionally, the team and driver Lewis Hamilton have revealed a new initiative called ‘Ignite’ to support STEM education in schools across the UK.
On the sponsorship front, the team faced a backlash after securing and then promptly terminating a partnership with cladding firm Kingspan, which made some of the insulation used on Grenfell Tower, the London tower block that caught fire in 2017, killing 72 people.
Lewis Hamilton has worked to provide more opportunities to BAME students across the UK
Red Bull Racing
Owner: Red Bull
Team principal: Christian Horner
Drivers: Max Verstappen and Sergio Perez
Base: Milton Keynes, UK
Power unit: Red Bull
Title partner: Oracle (US$300 million in total, signed 2022, expires 2026)
Other partners: Puma, Tag Heuer, Telcel, Mobil1, Tezos, Bybit, Honda, Claro, Rauch, Citrix, Poly, Armor All, Cash App, Arctic Wolf, Hewlett Packard, Inter.mx, AT&T, Siemens, PokerStars, Therabody, Pirelli, AlphaTauri, DMG Mori, Hexagon, PWR, Ansys, Gold Standard, Sabelt, Ocean Bottle, Walmart
Offseason developments: Red Bull Racing have brought on Oracle as their new title sponsor in a deal understood to be worth US$300 million. Elsewhere, the team has inked a partnership with Bybit worth a reported US$50 million per year, which Autosport says represents the largest per-annum cryptocurrency sponsorship in international sport. Red Bull have also been linked to a partnership with Porsche amid the German carmaker’s growing interest in a Formula One entry.
Title sponsor Oracle and Bybit are new additions to Red Bull Racing’s commercial portfolio
Williams Racing
Owner: Dorilton Capital
Chief executive: Jost Capito
Team principal: Simon Roberts
Drivers: Nicholas Latifi and Alex Albon
Base: Grove, UK
Power unit: Mercedes
Title partner: N/A
Partners: Sofina, Lavazza, Duracell, Acronis, Dorilton Ventures, Versa, Honibe, Financial Times, Symantec, Bremont, Pirelli, Umbro, Zeiss, Crew Clothing Company, PPG, OMP, KX, Nexa 3D, DTex, B&R, Mei, Life Fitness, That’s It, Sia, Thales
Offseason developments: Duracell, That’s It and Julia Computing have been added to Williams’ sponsorship portfolio, whilst partnerships with Crew Clothing, PPG and the Financial Times have been extended. The team also entered an agreement to promote ‘The King’s Man’ film at the 2021 Abu Dhabi Grand Prix, which featured expansive car branding.
Williams Racing enter the 2022 season with a host of new sponsors
F1 global partners
Aramco, Crypto.com, DHL, Emirates, Heineken, Pirelli, Rolex
Official partners
Amazon Web Services, BBS Motorsport, BWT, Ferrari Trento, Liqui Moly, Zoom
Regional partners
188 Bet, Workday
Official suppliers
Drive Coffee, Herjavic Group
Major broadcast partners
Africa and the Middle East
Africa: SuperSport
MENA: MBC Action
Israel: The Sports Channel
Asia
Hong Kong: Now TV, Now E
India: Star Sports
Indonesia: O Channel, Champions TV, Vidio
Japan: Fuji TV, DAZN
Malaysia, Brunei: Astro Sports
Myanmar: Canal+
Philippines: Tap DMV
Singapore: Singtel, StarHub
Thailand: True Visions
Vietnam: K+
Europe
Albania: RTSH
Armenia: Vivaro Sports
Austria: Servus TV, ORF
Azerbaijan: AzTV, Idman Azerbaycan
Belgium: RTBF, Telenet, Play Sport Open
Bosnia, Croatia, Kosovo, Macedonia, Montenegro, Serbia, Slovenia: SportKlub
Bulgaria: Nova, Diema Sport
Cyprus: Cytavision
Czech Republic, Slovakia: AMC
Denmark: TV3+, TV3 Sport, Viaplay
Estonia, Finland, Iceland, Latvia, Lithuania, Netherlands: Viaplay
Eurasia: Setanta Sports
France: Canal+
Germany: Sky Deutschland, RTL
Greece: ERT, Cosmote TV
Hungary: M4
Italy: Sky Italia
Luxembourg: RTL Tele Letzebuerg
Malta: Go Sports
Norway: V Sport 1, V Sport +, Viaplay
Poland: Eleven Sports
Portugal: Sport TV
Romania: Digisport, Telekom Romania, Look Sport
Russia: Match TV
Spain and Andorra: F1 DAZN
Sweden: Viaplay, V Sport Motor, TV10
Switzerland: SRF, RSI, RTS
Turkey: S Sport, S Sport Plus
Ukraine: Setanta Ukraine
United Kingdom: Sky Sports, Channel 4
North America
Canada: RDS, RDS2, TSN, Noovo
US: ESPN, ESPN Deportes
Oceania
Australia: Fox Sports Channels, Network Ten
New Zealand: Spark Sport
Papua New Guinea, Pacific Islands: TV Action
South America
Brazil: Bandeirantes
Latin America: Fox Sports Channels, ESPN
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