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Formula 1 owner CVC may continue to lose money but the F1 teams seem to be doing pretty nicely as they took in $658 million from prize money in 2010, a jump of 164 percent compared to the previous Concorde Agreement, Bloomberg is reporting today.

Bottom-line, if you’re a numbers-phobe? This will be more fodder for the coming agreement renewal war. CVC lost $660 million (see how close that is to the team’s prize money haul) based on various financing costs from its purchase of the series.

The team’s prize money also was a tidy 21 percent increase just compared to 2009.

Now I know I’m venturing into prime Negative Camber territory with this story, but last I heard the big boss had rented an experimental plane from Sir Richard Branson and was on a rescue mission to find and save Mark Hallam. So the full breakdown will have to wait until the two of them are back safely.

A separate filling also disclosed Bernie Ecclestone’s salary, which was $7.9 million.

F1’s net income was $296 million; sales crept up 2 percent to $1.08 billion, according to Bloomberg as a result of the added races in South Korean and Canada.

I say that’s not much of an sales increase when those two races represent an increase of 10% or so in terms of races. South Korean maybe didn’t add much — and other races, Turkey perhaps, probably saw ticket declines.

It doesn’t take a financial wizard to see where CVC/FOM and FOTA could be headed toward a major fight given these figures. I can see where CVC would argue something based on the pure sustainability of the series, given its losses. You know: “Do you want 50% of nothing or 30% of something?”

And the teams? Well, they’ve tasted these higher profits. It tends to be hard to go back after that.

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  • gsprings42

    wow,cvc lost that much money,wow,thats a lot of wine and cheese

  • tobytubes

    Does this imply that we may see an era of cost cutting in F1 not due to mad Max, but simple realities of business? Why are we not angry about that?

  • Wchrisg

    Maybe CVC
    can find some money by looking into more German bankers tax records.

  • big theo

    Yeah, I believe this story. Not blaming the author, but anyone who believe bernie only makes reported money might have HRT for the driver’s title this year.