Ferrari has been ranked as the most valuable team in Formula 1 with a worth of more than $3 billion.

The Scuderia tops the newly published list which estimates the market value of all 10 F1 teams.

It comes off the back of fresh investment for Alpine, which sold a 24 percent stake in the team for €200 million to a group of investors that includes Hollywood actor Ryan Reynolds.

That deal valued the Enstone operation at around USD 900 million, though the rankings produced by Sportico suggest its worth is slightly higher.

The value of teams has soared in recent years.

Dorilton Capital bought Williams for USD 200 million in August 2020 with the Grove-based squad now estimated to be worth USD 795 million.

That growth has been fuelled by a surge in the popularity of Formula 1 globally, underpinned to a certain extent by Drive to Survive.

Other elements have been at play too as part of a conscious and deliberate effort to expand the sport’s fan base.

The United States has been a fertile market with strong growth – last year average television audiences per race averaged over a million viewers for the first time.

On social media, the growth has been even stronger with swathes of new followers from the US.

Las Vegas has joined the calendar this year, the third event in the States after Miami joined the calendar in 2022.

The sport itself has also soared in value, Liberty Media having acquired the sport when it was valued at USD 4.6 billion.

Greg Maffei, Liberty’s CEO, suggested its value was north of USD 20 billion.

Much of that growth has been a result of Liberty’s more open approach to the promotion and marketing of the sport.

That has had a halo effect on teams as they become more attractive to partners in new markets.

However, the key to their growth has been the financial regulations, which limit what they can spend annually.

That offered stability and budget predictability which, when coupled with changes to the Concorde Agreement and the more equitable payment of prize money from F1, made teams attractive to investors.

It has seen its value rise sharply, headlined by Ferrari ahead of Mercedes, Red Bull and McLaren, which sold a 33 percent stake in late 2020 in a deal that valued the team at USD 736 million.

Its valuation at USD 1.56 billion, therefore, represents more than a two-fold increase in less than three years.