The figure comes after Formula 1’s commercial rights holder, Liberty Media, has announced its final quarter financial results for 2024.
It posted a total revenue of AUD $1.8 billion for the final quarter for an annual revenue of almost AUD $5.5 billion.
Of that, AUD $2.03 billion was paid out across the 10 competing teams, the highest sum paid out in the sport’s history.
That was distributed on a sliding scale based on the constructors’ championship results of 2023.
Off the back of its dominant campaign, it’s believed that translated to a figure of over AUD $280 million for Red Bull.
Such was the sport’s revenue that Red Bull, Mercedes, Ferrari, and McLaren all saw prize money payments alone surpass the AUD $215 million cost cap figure laid out in the sport’s financial regulations.
Even Aston Martin, which finished fifth in the 2023 constructors’ championship, received payments equating to 98 percent of the cost cap.
F1’s $5.5 billion annual revenue for 2024 marginally eclipsed the annual figure from 2023 of AUD $5.15 billion though did witness reduced revenues in both Q3 and Q4.
Nonetheless, the revenue growth equated to an increase of AUD $81.5 million in prize money payments to teams.
For 2025, prize money will be paid out to teams based on the outcome of last year’s constructors’ championship.
That will see McLaren take the largest slice of the pie over Ferrari and Red Bull as the Milton Keynes squad saw its early lead in that competition slip to end 2024 third.
Based on forecasts off the back of last year’s financial results, that’s predicted to equate to a AUD $38 million reduction in payments for Red Bull on total payments estimated to reach AUD $2.11 billion.
However, that could accelerate further as a string of commercial relationships come onstream this year, coupled with increased race promotion fees, that could drive F1’s revenues higher in 2025.
F1 Prize Money Payments 2024
| Team | Prize Money (AUD) | % of Cost Cap |
| Red Bull | $ 283,584,000.00 | 131% |
| Mercedes | $ 265,353,600.00 | 123% |
| Ferrari | $ 247,123,200.00 | 114% |
| McLaren | $ 228,892,800.00 | 106% |
| Aston Martin | $ 210,662,400.00 | 98% |
| Alpine | $ 192,432,000.00 | 89% |
| Williams | $ 176,227,200.00 | 82% |
| AlphaTauri | $ 157,996,800.00 | 73% |
| Sauber | $ 139,766,400.00 | 65% |
| Haas | $ 121,536,000.00 | 56% |
Figures converted from USD to AUD at $1 to $1.6
