My wife has a friend who is part of an IRS group assigned to our local NFL team. She has confided in me the team “has never shown a profit” on its tax reports - even though the stadium is always sold-out and NFL viewership is strong.
I assume the economics of F1 are similar to USA pro-sports. The teams do not make a lot of pro-forma profit (particularly when reporting taxes), but the real money is made on long-term appreciation of the team’s market value.
Reminds me of how movies don’t make money and why actors want a piece of the gross not the net.
If I remember correctly, the Spelling Mansion was bought by the daughter of someone who was CEO of Formula 1 but then she sold it to some rich Saudi.
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