Insights into the backstage operations of a multi-billion dollar athletic industry
In the late 1960s, Formula One began its journey from a mostly amateur or semi-professional sport to one of the world's most-watched annual sports. Bernie Ecclestone, a prominent figure in the sport's history, played a pivotal role in this transformation.
Early Years
Formula One's roots can be traced back to the 1950s, a period characterised by small teams and limited financial resources. The championship was first held in 1950, heavily influenced by European racing traditions.
The sport saw significant advancements in the 1960s and 1970s, with the introduction of aerodynamic elements and improved engine power. Formula One started to gain more professional structure and international recognition.
Commercialization and Technological Advancements
The 1980s and 1990s marked a period of increased commercialization, with sponsorship and television coverage playing a significant role. This era also saw the introduction of advanced materials and electronics, further improving car performance and safety.
The 2000s continued this trend with more sophisticated technologies, leading to higher speeds and better safety standards. The involvement of major automotive brands increased, contributing to both the technological advancements and financial growth of the sport.
Modern Era and Financial Growth
The introduction of hybrid power units in 2014 brought environmental sustainability to the forefront, aligning with the interests of major automotive manufacturers. This era also saw significant financial growth, with increased global viewership and sponsorship deals.
Today, Formula One is a $3.4 billion-a-year sport, with a global audience and substantial financial backing from major brands. The sport continues to evolve with new technologies and regulations aimed at improving sustainability and reducing costs.
The book "Fast Money" by Caroline Reid and Christian Sylt provides an inside account of Formula One's transformation into a global sport, detailing the financial crises that were often dodged by backroom deals, not strategy. The book was published on August 15, 2025.
Despite its lofty sustainability goals, Formula One burns enough aviation fuel in its 24 races to put smaller nations to shame. Today, drivers like Max Verstappen earn roughly £50,000 per 90-second lap.
The book "Fast Money" suggests that the core DNA of Formula One hasn't changed, with racing occurring for 20 weekends a year and business for the rest. Bernie Ecclestone, during his reign, signed contracts worth over $27 billion and mastered the art of monetizing everything in sight, including television rights, hospitality suites, paddock access, merchandise, sponsorships, and hosting deals. His influence is still evident in Formula One's business operations today.
In the early days of Formula One, racing conditions were dangerous, with no seat belts and common fatalities. Colin Chapman, the founder of Lotus, saved Formula One from commercial extinction in 1968 through engineering innovations and PR stunts. Commercialization was strictly taboo in the early days of Formula One, with brand logos limited to 55 square inches.
The book "Fast Money" does not mention India's F1 tryst between 2011 and 2013, but the sport continues to captivate audiences worldwide, standing as a testament to the power of human innovation and competition.
Bernie Ecclestone, in his reign, signed contracts worth over $27 billion, mastering the art of monetizing everything in sight, including TV rights, hospitality suites, paddock access, merchandise, sponsorships, and hosting deals. His influence is still evident in Formula One's business operations today.
During the 1960s and 1970s, Formula One started to gain more professional structure and international recognition. However, the sport still burned enough aviation fuel in its 24 races to put smaller nations to shame.
Business savvy figures like Bernie Ecclestone played a crucial role in transforming Formula One into a global business, often engaging in backroom deals to navigate financial crises. In contrast, engineers like Colin Chapman saved Formula One from commercial extinction through engineering innovations and PR stunts.
In the 2000s, Formula One's technologies evolved, leading to higher speeds and better safety standards. Drivers like Max Verstappen today earn roughly £50,000 per 90-second lap, highlighting the Financial growth of the sport compared to its early days.
