Formula 1 2023 hosting fees revealed

The Formula 1 Australian Grand Prix is estimated to have the seventh-highest hosting fees on the current calendar.

A list of fees payable by promoters has been published with organisers in Melbourne thought to pay $37 million per event.

According to RacingNews365, Azerbaijan contributes the most to the sport’s coffers with an annual hosting fee worth $57 million.

Combined, the sport’s commercial rights holder brings in more than $700 million a year from hosting fees alone.

That is also allowing for the fact that the Miami and Las Vegas Grands Prix operate to a different model, where F1 works in conjunction with local promoters.

Of those on more traditional commercials deals, Monaco has the best at just $20 million annually, though it’s reported the sport also receives a cut of tourist tax to boost that figure.

The Emilia Romagna Grand Prix has the next lowest fee, followed by the Belgian Grand Prix.

Spa-Francorchamps was a comparatively late addition to the 2023 calendar and has a contract for just this year.

The Austrian Grand Prix is also up for renewal, while Azerbaijan, Britain, Italy, and Japan all have just this year and next to run on their current contracts.

By contrast, Bahrain has its place on the schedule locked away until 2036, a year longer than the current Australian Grand Prix deal.

Losail is also set to remain on the calendar into the 2030s with its current contract set to lapse after the 2032 event.

Bahrain hosts the opening round of the 2023 season, with pre-season testing at the venue from February 23-25.

The season proper starts on March 2-5.

Formula 1 hosting fees