Liberty Media Corporation - Series C Liberty Formula One (FWONK)

収益の仕組み

Formula 1 revenue comes from three main sources: fees paid by circuits to host a race, fees paid by broadcasters for media rights, and sponsorship fees from brands that pay to be associated with the sport, plus smaller hospitality and licensing revenue. A large share of that revenue is then paid out to the ten teams under the Concorde Agreement, so the group's profit depends on growing total revenue faster than the contractual team payments tied to it. MotoGP, acquired in mid-2025, adds a second, smaller motorsport with a broadly similar rights-based model.

セグメント別売上高

The group holds exclusive, long-term commercial rights to organize and sell Formula 1 under an agreement with the FIA that no competitor can replicate — there is only one FIA-sanctioned world championship of this kind. That legal exclusivity, not a replicable product or process, is the source of the group's pricing power over broadcasters, host circuits and sponsors.

Media rights and race promotion fees are locked in by multi-year contracts, giving revenue more visibility than a typical consumer business, but sponsorship and hospitality spending still track corporate marketing budgets and can soften in a broader economic slowdown. Growing global fan interest, not the economic cycle, has been the main driver of recent growth.

主なリスク

• Dependence on the Concorde Agreement with the teams — The current commercial and revenue-sharing agreement with the ten teams and the FIA runs through 2030; a less favorable renegotiation at expiry would directly reduce the group's share of Formula 1 economics.
• Reliance on a single sport's popularity — The large majority of the group's revenue and value depends on continued global interest in Formula 1; a decline in fan engagement, a competitive imbalance among teams, or reputational damage to the sport would flow directly into revenue.
• Race calendar and circuit dependency — Race promotion revenue depends on host cities and circuits renewing or extending their contracts on acceptable terms, and on the events themselves taking place without cancellation from political, safety or logistical disruption.
• Integration risk from the MotoGP acquisition — MotoGP was only consolidated into the group in July 2025; integrating a second motorsport's commercial operations, media contracts and team relationships carries execution risk distinct from the established Formula 1 business.