Ka-ching! Formula 1 profits rise

The commercial arm of Formula 1, Formula One Administration, reported its 2005 financials this week, and let's just say 2005 was a very good year, with FOA racking up pre-tax profits of $435 million on revenues of $787 million. Excluding a $93 million one-time payment, 2004's profits were a mere $320 million on $705 million in revenue.
FOA's revenue rise in the last two years is largely the result of adding new races in Turkey, China and Bahrain.

Meanwhile, F1 supremo Bernie Ecclestone took a hit to the pocketbook - his salary dropped last year from $4.6 million to $4 million, a change which is more than compensated for elsewhere, we're sure.

[Source: GrandPrix.com]

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