Red Bull has recorded a revenue increase in its Formula 1 team for the year 2023 after a dominant record-breaking season.
The Austrian energy drinks brand has reported £307 million in revenues for the financial year of 2023, £30 million higher than the previous year.
Red Bull’s overall profits dropped however, dropping to £1.2 million from £2 million, noting in its report: “increases in the cost base are primarily driven by success-based payments, reflective of the team’s performance on-track in 2023.”
The team enjoyed one of the most dominant seasons by any team in F1 history, with Max Verstappen winning 19 out of the 22 Grands Prix staged.
The Dutchman also won 10 races in a row, in a run that stretched from Miami in May to Monza in September.
Team-mate Sergio Perez won in Saudi Arabia and Azerbaijan, with the only non-Red Bull win coming courtesy of Carlos Sainz in Singapore.
Red Bull announces Hard Rock sponsorship extension
Red Bull has also announced an extension in its partnership with Hard Rock, in a deal both parties are describing as a “global alliance”.
The organisation, which owns 250 Hard Rock Cafes across the world, is committing to a further presence within Formula 1, with involvement also noted at the Miami and Las Vegas Grands Prix.
Team Principal Christian Horner said: “We are proud to extend our partnership with Hard Rock for an additional three years and are looking forward to continuing working together with such an exciting and iconic brand.
“Hard Rock doubling down on their commitment to the team is testament to the unwavering partnership we have forged, and this solidifies what we have achieved with them over the past three years, both on and off the track.
“I have no doubt that we will continue to impress audiences around the globe, working together on more activations, and we look forward to seeing even more innovation and collaboration together over the course of the partnership.”
The continued relationship between Red Bull and Hard Rock will be conveyed further at both the Mexican and Brazilian Grands Prix, with its cars displaying the latter’s PINKTOBER campaign, which fundraises for breast cancer research. Both Verstappen and Perez will be sporting pink overalls in both races to further promote the campaign.
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