Team payments drop by $47m in 2017

Formula 1 Group's fourth quarter results have revealed that teams were collectively paid $47million less in 2017, the first year of Liberty Media's tenure.

Collective payment dropped from $966million to $919million, which is the first time that the figure has being reduced, and revenues also fell from $1,796m to $1,784m because of the reduced 20-race calendar last season.

Bernie Ecclestone also agreed a reduced fee with the Brazilian Grand Prix hosts before he departed, while Liberty have undergone a big-money move to a London HQ with increased staffing levels – as well as hosting expensive live events.

Liberty said: "Cost of F1 revenue increased primarily due to spend on fan engagement, filming in Ultra High-Definition and higher freight costs, which more than offset reduced team payments.

"Selling, general and administrative expense also increased for the fourth quarter and full year 2017 as a result of additional headcount and new corporate offices."

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