Formula 1 now has more sponsors and financial partners from the USA than from UK, Italy, Switzerland, Germany and France combined marking a significant historical change of balance between the USA and the sport’s traditional epicentre Europe reports Spomotion Analytics analyst Björn Stenbacka.
The U.S. corporate involvement in Formula 1 is according to Spomotion Analytics on a historically high level. Last year the total number of U.S. official partners in Formula 1 exceeded 100 companies. Never have the sport had so many partners and sponsors from the U.S.
The 2023 Formula 1 season started with 98 U.S. partners. The number of partners dropped after agreements with more than 20 U.S. partners ended after the 2022 season.
On Wednesday, ahead of the Miami Grand Prix weekend, when Scuderia Ferrari announced a multi-year partnership, starting in Miami, with U.S. tech company DXC Technology the number of U.S. partners in Formula 1 2023 was back at 105.
As U.S. companies jump in with F1, traditional European backing is surpassed
Over 20 new U.S. companies have joined the series as partners 2023. New U.S. partnership announcements are expected during the year, as Formula 1 will visit both Miami, Austin and Las Vegas.
The fact is the balance between the USA and the leading five European markets: UK, Italy, Switzerland, Germany and France, have changed. There are 104 official team and series partners from UK, Italy, Switzerland, Germany and France. That means the balance has already tipped over to the USA, says Stenbacka.
When Liberty Media acquired Formula 1 in 2017 there were 44 U.S. partners. Last year the number of U.S. partners and sponsors reached a new record level of 105 companies. So, the balance between the five leading European Formula 1 markets and USA is actually 104 versus 105 partners.
Stenbacka: The U.S. percentage is at an all-time high
Germany lost six partners, three of them linked to the departure of Mick Schumacher, after 2022 and only two new ones have been signed by Formula 1 teams 2023. Switzerland is a market bringing 23 partners to Formula 1 2023, when Germany has 16, explains Björn Stenbacka, Spomotion Analytics analyst.
When all countries and partners are considered, USA stands for around 35 per cent of all partners. As the total number of partners has slightly dropped since last year the U.S. percentage is at an all-time high, says Stenbacka.
When Formula 1 teams are compared McLaren Racing is the undisputed number one with 25 U.S. partners. Oracle Red Bull Racing have doubled the number of U.S. partners in just 2 years, having now 18 partners from the USA.
U.S. team Haas F1 have eight U.S. partners. Five of the six new partners are U.S. Scuderia Ferrari have 10 partners from the USA. The Italian team is Italian also in terms of partners. Twelve of the 38 partners are from Italy.