Formula 1

Formula 1 is the highest level of international racing for open-wheel, single-seat cars sanctioned by the International Automobile Federation (FIA). During the F1 season, which lasts from March until December, 10 teams race two cars each for a total of 20 cars starting each race. The races, known as Grand Prix, take place across the globe; the 2024 season features a record 24 races held across 21 countries and five continents. Three races are held in the U.S.—in Miami, Las Vegas and Austin, Texas. In 2024, China hosted a race for the first time since 2019.

Stefano Domenicali is the president and CEO of Formula 1 and has been in the position since January 2021. Formula 1 races are shown on ESPN in the U.S.; the media rights contract expires in 2025.

According to Sportico’s 2024 Formula 1 valuations, Ferrari was the most valuable team at $4.78 billion. Ferrari has signed seven-time champion Lewis Hamilton to their stable starting in 2025. Mercedes is second on the list at $3.94 billion. The reigning champion, Max Verstappen, races for Red Bull, which is ranked third at $3.5 billion. The average Formula 1 team is worth $2.31 billion.