F1 Teams Shared USD658m Prize Money in 2010

The Formula One championship teams received a combined US$658m in prize money in 2010, herbal a 21 per cent increase on the previous year.

According to a filing by Formula One Administration Ltd. at Companies House in London, impotent the payments rose for a third straight year on improved terms from the so-called Concorde Agreement that governs the most-watched motor racing series.

Formula One had net income of $296m last year after boosting sales by 2 per cent to $1.08bn by adding races in South Korea and Canada, recipe the filing said.

After buying Formula One in 2005, CVC Capital Partners Ltd. agreed to increase prize money to participants to head off a breakaway series being planned by teams. The total payout to teams in 2010 was 164 per cent more than in 2007, the last year of the previous accord, the statement said.

CVC’s loss from Formula One widened to $660m last year on financing costs from its acquisition of the series, its Delta (3) U.K. Ltd. unit said in another Companies House filing.