The growth of Formula 1 in the US has been massive recently and this has resulted in a large amount of sponsorships now coming from the United States.
Netflix’s ‘Drive To Survive’ played a huge part in the sport gaining popularity in America and it is shown by the Miami Grand Prix being added to the F1 calendar this year and the addition of the highly anticipated Las Vegas Grand Prix next year. This will mean there will be three US races during the 2023 season when you include the Austin GP.
Following on from that are large sponsorship deals from America and according to reports, Ferrari are cashing in the most out of all of the teams.
According to Sport Business, Ferrari have had their sponsorship revenue increased by 29.5% from 2021 to 2022, this amounted to $121.6 million in just the third quarter of 2022. The teams net revenue is $1.24 billion so far this year which is an increase of 19% from the same time last year. It is thought that a large reason for this growth for the Ferrari team is the big improvement from coming sixth in the 2020 constructor’s championship to coming third in 2021.
The report states that there has been a 21.1 % increase in US sponsorship deals with F1 teams from 2021 to 2022. This equates to 161 deals this year.
Haas recently announced their new title sponsor for the 2023 season which is MoneyGram, a US-based company, so fans can expect to see the team’s name change to MoneyGram Haas next year. Two other major sponsorships from US-based businesses are Google who are partnered with McLaren and Oracle who are Red Bull’s title sponsor.
Teams are also starting to consider more American drivers as the popularity of the sport continues to spread in the US. IndyCar driver Colton Herta is being considered as well as Formula 2 star Logan Sargeant, who was lined up to have a seat on the Williams team so long as he can get enough points on his super-licence.