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Formula 1 second quarter revenue hit by Imola cancellation
Formula 1 suffered a slight drop in its revenue for the second quarter of 2023 due to the cancelation of the rain-hit Emilia Romagna Grand Prix at Imola back in May. The race was due to be held on May 23, but disastrous floods in the region around Imola forced F1 to cancel the event just 48 hours before the scheduled start of race weekend. The cancellation meant that only six events instead of seven were held during the April-May quarter, which resulted in a drop of revenue from $744m in 2022 to $724m, or a 3% decrease. Team payments for the period also fell from $368m to $344m, which equated to a 7% drop year-over-year. Operating income for The Formula One Group nevertheless improved in...
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