Coronavirus: F1 owner braces for £33m hit as Shanghai Grand Prix stalls Coronavirus: F1 owner braced for hit as Shanghai Grand Prix cancelled Formula One has revealed that it risks losing its estimated $33m hosting fee for the Chinese Grand Prix if the authorities in Shanghai give the red light to the race over the coronavirus outbreak. The Chinese Grand Prix was due to take place in Shanghai in April but was postponed by F1 last week at the request [...]
Revealed: How Lewis Hamilton and Mercedes retained their Formula One titles but kept a lid on costs How Hamilton and Mercedes stayed on top – on the cheap Lewis Hamilton’s Mercedes team has become the only outfit in the past decade to win the Formula One championship without increasing its spending by more than £1m. Hamilton steered his Mercedes to a sixth title at last weekend’s US Grand Prix despite the team’s costs only increasing by £0.9m to £321.5m, analysis of company accounts [...]
Shard Times at the Shangri-La The Shangri-La hotel at the top of the Shard has revealed it booked a £56.2m pre-tax loss last year, driven by an impairment charge from writing down the value of its assets following years of weak results. Occupying floors 34 to 52 of the Shard, it is the tallest hotel in western Europe and swung [...]
Farnborough Airport sales soar to £80m ahead of Macquarie buyout October 15, 2019 Farnborough Airport has revealed that its revenue rose 23.2 per cent to a record £80m last year fuelled by a boost in business travel which saw nearly 4,000 more flights take off and land there than in 2017. According to its accounts for the year ending 31 December 2018, there were 30,729 take offs and [...]
Silverstone chiefs admit next year’s British Grand Prix could be the last for the foreseeable future October 4, 2018 The owners of Silverstone have revealed that next year’s British Grand Prix is on track to be the last as they have still not signed a new deal after more than a year of negotiating. The admission is made in a letter sent last month by John Grant, chairman of Silverstone’s owner, the British Racing [...]
Mercedes F1 engines fuel £130m investment in Britain October 12, 2016 German car manufacturer Mercedes has revealed that the production of the V6 engines used by its Formula One team contributes around £130m to the British economy. Mercedes clinched its third consecutive F1 championship on Sunday and is on track to win the drivers' title with either Britain’s Lewis Hamilton or his team mate Nico Rosberg [...]
Former FIA boss Max Mosley says he warned organisation about deal that threatens Liberty Media’s takeover of F1 October 5, 2016 Formula One’s former governor Max Mosley says he warned the sport’s authorities against taking a controversial stake in it which now threatens to put the brakes on the sale of the business. American conglomerate Liberty Media last month agreed to buy F1’s parent company Delta Topco for £3.3bn from its controlling shareholder, private equity firm [...]
Silverstone boss Patrick Allen ousted for being “too close” to tycoon plotting takeover August 9, 2016 The home of Formula One’s British Grand Prix has been thrown into turmoil by the unexpected departure of its boss Patrick Allen who has been suspended. Allen is managing director of the Silverstone track in Northamptonshire and was seen there last month at the British Grand Prix when 139,000 spectators watched local hero Lewis Hamilton [...]
Caterham woes prompt rethink from Ecclestone November 17, 2014 FORMULA One chief Bernie Ecclestone has revealed talks are underway about the sport’s future direction after the Caterham and Marussia teams collapsed into administration last month. Ecclestone says his aims for the coming year are preventing more teams from hitting the wall and taking over media accreditation to curb a proliferation of online media in [...]
