Aston Martin reports mega loss on F1 operations in 2022
F1 News
Aston Martin - and owner Lawrence Stroll in particular - are extremely determined for the team to have a serious chance of winning world titles in the long run. This will require financial sacrifices, for example, to build the state-of-the-art factory in Silverstone, England. Last year, Aston Martin actually made a mega loss with its F1 operations.
Data made public this week shows that Aston Martin (AMR GP Limited, as the team is on its books) will see a loss of £53 million in 2022. That is nine million pounds more than in 2021. The loss widened despite an increase in sponsorship income and receiving more prize money. Aston Martin received over £32 million in prize money. In the end, AMR GP's total revenue was £188,728,000, up from £150,438,000 in 2021.
That's how much an F1 team spends
The public figures give an interesting insight into the financial housekeeping of a Formula 1 team. For instance, $64,985,490 was spent on developing the Aston Martin Campus, as the new factory is called. The amount ultimately used for racing rose from £107,735,000 to £152,046,00. It also reveals that Aston Martin employed 504 people on 31 December last year; 81 were in the administrative departments and the rest worked on the design, production and engineering of the F1 cars. In total, 103 more people worked at Aston Martin F1 than a year earlier. All together, staff were paid a total of £54,983,000 in salary.
Lance Stroll was already one of the team's drivers last season. The Canadian has his own company, Falcon Racing Services Inc, which received $1,835,000 from Aston Martin F1 for Stroll's services in the year 2022. This amount was $225,000 less than in 2021. Moreover, Falcon Racing Services in turn remitted $1,125,000 to the team as sponsorship.