CNBC SPECIAL: Inside Track - The Business of Formula 1 | Episode 1

Squawk on the Street

CNBC

Investing, Business, News

4.1 • 567 Ratings

🗓️ 17 November 2023

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Episode 1, Formula 1 and the Liberty Era: High speed, high tech and filled with high-flyers – CNBC Documentaries goes inside the business of Formula 1 to find out what is fueling its popularity and who is profiting. Correspondent Sara Eisen profiles the heads of several F1 racing teams, including Toto Wolff of Mercedes, Christian Horner of Red Bull and Guenther Steiner of Haas, and interviews the CEOs of Formula 1 and its owner, Liberty Media – a sports and entertainment company that purchased the league in 2017 and has made a series of bold changes. Eisen travels to some of Formula 1’s most iconic races and examines the role of brand-name sponsors.

Transcript

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0:00.0	In our business, it's a stopwatch.
0:07.0	If we win financial success, it's going to follow.
0:10.0	This is just like a normal business.
0:11.0	The only difference is our bottom line is result on the race track.
0:15.0	The spring break is over. It's time to go racing.
0:19.0	Formula One. The Grand Prix of Europe. Formula One. A legendary motorsports league.
0:24.6	Can he be the world champion to turn one?
0:26.6	Yes he can.
0:27.6	Enjoying a surge in popularity.
0:29.6	The business is just growing and growing and the US has gone crazy and has woken up to what Formula One is.
0:35.6	So it's flying.
0:36.6	We've got a lot more more newer, younger audience now.
0:41.1	People are really excited about the sport and where it's going.
0:45.1	10 teams and 20 drivers, driven by courage and fueled with money.
0:50.8	Can you put a price on the car? It costs about $50 million to develop and there are a couple million dollars to actually
0:59.0	build one.
1:00.0	A global sport being reshaped by American investment and strategy.
1:05.0	Today I don't think you could buy a team for less than $750 million and the top teams
1:10.0	are valued $3 billion.
1:11.5	That's a total change.
1:12.8	And now, in Las Vegas, making one of its biggest bets ever.
1:17.0	When you look out on the strip right now, what do you see?
	...

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