Trumping Long-Time Champs Mercedes Rewards Ferrari With $121 Million Boost

There’s no doubt that Ferrari is one of the most followed F1 teams around the world. Being the oldest and the most successful team on the grid, it enjoys having a lot of loyal supporters. The Italian GP in Monza is one of the best races to witness due to the Tifosi and is every Ferrari driver’s dream to win a race there.

Moreover, Ferrari has used the US F1 deals to its maximum advantage. The US is set to host a record 3 races in the country next year in Austin, Miami, and Las Vegas. Subsequently, Ferrari has emerged as the big winner in these deals.

The Maranello-based team’s sponsorship revenue grew to 29.5% from 2021 to 2022 and it totaled a whopping $121.6m in the third quarter. One of the main reasons for the spurt in their revenue growth is their rise in the WCC. Their jump from finishing 6th in 2020 to 3rd in 2021 has hugely benefitted the team. Not to forget that they beat 8-time constructors champions, Mercedes, in 2022.

Furthermore, Ferrari’s sponsorship revenue also expanded 26 percent to $345.2m in 2022. Consequently, its net revenue increased by 19% from this time last year to a gigantic $1.24 billion.

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F1’s entry into the US market has been a success ever since Netflix’s Drive to Survive helped widespread the F1 fever in the States. It has helped F1 teams from Mercedes and Ferrari to Haas and Williams. Moreover, Williams will also have an American driver in their lineup alongside Alex Albon next year.

Ferrari boss Mattia Binotto relaxed over his future in the Maranello team

There have been many rumors in the paddock surrounding the future of Ferrari boss Mattia Binotto. The Italian has come under fire after a disappointing season with a strong car. The Prancing Horse started the season and looked to be on par with Red Bull. However, poor tactics and mistakes cost them immensely.

Binotto said, “The reason why I’m relaxed is that I have always open, frank and constructive discussion with my bosses, with my chairman, not only on the short term but on the medium and the long term.”

He also added, “More than that, if I look back at the season, yes, we had a few up and downs and today we are not the fastest car on track, but we achieved our main objective to be back and competitive in the new era of the 2022 cars.”

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Frédéric Vasseur, the team principal of Alfa Romeo, is one of the names tipped to replace Ferrari’s Italian team principal. Will the Maranello team be patient and back him is another question. Do you think Binotto deserves to stay in the team?