F1’s financial loss widened in 2010 but Bernie Ecclestone took a pay-rise, documents filed in London’s Companies House reveal.<\/p>\n
The Bloomberg business news agency said the loss incurred by F1 owner CVC grew to $660 million, while the teams’ income rose 21 per cent.<\/p>\n
The teams’ prize money pool in 2010 was $658 million, an average of almost $55 million per team, but with champions Red Bull receiving the most.<\/p>\n
The prize money has increased for three years running, due to the negotiation of much better financial terms when the latest Concorde Agreement was drawn.<\/p>\n
Teams now receive 164 per cent more income than was the case in 2007, before the new Concorde Agreement took effect.<\/p>\n
The documents revealed that F1’s total sales in 2010 was $1.08 billion, up 2 per cent due to new races including Korea joining the calendar.<\/p>\n
The sport’s net income was $296 million, with chief executive Ecclestone paid $7.9 million — a 21 per cent increase.<\/p>\n
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