F1 teams now worth billions - Domenicali
"Ten years ago, there were teams that were given away for a pound"
Formula 1 CEO Stefano Domenicali says even the smallest team on the grid is now worth at least $2 billion, while ruling out space for a 12th entrant in the foreseeable future.
Speaking to Corriere della Sera ahead of Monza, Domenicali again pointed proudly to Formula 1’s commercial and demographic growth.
"We’re seeing record numbers at almost every round," he said.
"Spectators have evolved - the focus is obviously on the love of cars, but within a larger context."
"Concerts, autograph sessions with the drivers, and ever-increasing numbers of young people."
Asked what it would cost to buy into Formula 1 today, he said: "For a ’small’ team, it takes at least 2 billion. For medium-large ones, at least 4-6 billion."
"Ten years ago, there were teams that were given away for a pound."
And despite continuing interest from prospective entrants, Domenicali sees no immediate need to expand beyond the current 11 teams.
"In the medium term, there’s no room," said the Italian.
"The future remains to be seen. But I don’t think it’s a major issue in the next five years."
He also highlighted Formula 1’s continued push towards younger and more diverse audiences, including through deals with Lego and Disney.
"I don’t care about petty controversies, I look at the bigger picture," he said.
Domenicali said the United States is now "certainly among the leading" markets, while insisting Europe is also recovering strongly and China remains a major growth target.
"We have a plan to bring a million people to the Shanghai GP within four years," he said. "We always have to think big."
He also said Formula 1’s economic influence now extends far beyond race promoters and teams.
"F1 has become much more than a sport," said Domenicali. "A very significant economic and political entity."