F1 Fast Five: Haas posts £5.6M profit for 2023 season, McLaren poaches Red Bull's strategy chief, and other big updates

Haas posts £5.6M profit for 2023 season

Haas F1’s 2023 financial results showed they spent £106.8 million, while their income increased by 3.4% to £113.4 million. Profits dropped by 4.35% to £5.6 million, and admin costs reached £105.5 million, with a slight decrease in the cost of sales. Even though they finished last in 2023, the team secured a big sponsorship deal worth US$20 million per season with MoneyGram and other new partnerships. Legal problems with their ex-sponsor Uralkali and ex-team principal Günther Steiner did not impact their 2023 finances.

Click here to read the full article by Cian Brittle (blackbookmotorsport.com)

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McLaren poaches Red Bull's strategy chief

McLaren has hired Will Courtenay from Red Bull as their new sporting director, which is a big loss for Red Bull. This change happens while Red Bull struggles this season, with McLaren now at the top of the constructors' standings. Courtenay's move follows Red Bull losing other important staff members, Adrian Newey and Jonathan Wheatley, to other teams. McLaren team principal Andrea Stella believes Courtenay's experience will help the team compete for wins and championships.

Click here to read the full article by Kieran Jackson (independent.co.uk)

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Madrid GP struggles to attract investors

The new Formula 1 race set for Madrid in 2026 has failed to attract private investors, which has resulted in projected losses for the city’s events organization, Ifema, in 2024 and 2025. Engracia Hidalgo, head of the council’s economy, stated that no qualified partners can meet the strict requirements for the event. Despite these setbacks, she insists that the Madrid GP will eventually generate significant economic impact and profitability, though not immediately. Hidalgo believes that Ifema's activities in the next two years will offset the initial financial losses from hosting the race.

Click here to read the full article at f1chronicle.com

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Sainz reveals Ferrari's tire problems after Singapore struggles

Carlos Sainz said Ferrari needs to do a lot of “homework” to fix tire problems that hurt their performance at the Singapore Grand Prix. After a crash in Q3, which put him in 10th place, he struggled to overtake and let teammate Charles Leclerc pass, and he finished in seventh. Sainz pointed out that the current Pirelli tires have a very narrow operating window, which makes it hard to get them to work well. He stressed that the team needs to pay special attention to tire management to improve their qualifying and make the most of their race pace.

Click here to read the full article by James Phillips (motorsportweek.com)

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What’s next for teams before Austin?

F1 has added a four-week gap between the Singapore and United States Grands Prix in the 2024 season to help teams relax before a busy end of the year. Unlike the summer break, where teams can't work on their cars for two weeks, this autumn break allows for ongoing car development. Red Bull's Christian Horner mentioned that this could create a competitive "arms race," as teams try to improve their cars while also planning for 2025. With two tough triple-headers coming up, the fight for the championship is still very intense as the season wraps up with races in the Americas and Abu Dhabi.

Click here to read the full article by Henry Valantine (planetf1.com)