Formula 1 Seeks More Money From Monaco on Eve of Grand Prix [BNN Bloomberg (Canada)]
Liberty Media Corporation - Series A Liberty SiriusXM (LSXMA)
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Source: BNN Bloomberg
Monaco pays about $20 million a year to host the event, the lowest total on the 24-race calendar, and representatives of Liberty Media are seeking an increase, according to people familiar with the discussions. The parties agreed to the current three-year deal in September 2022. This year, the action begins on May 24. Like all major tourist attractions, the Monaco Grand Prix delivers a big economic boost to the region, filling hotel rooms with spenders big and small. Saudi Arabia and Bahrain, two other race hosts, fork over more than $50 million a year, according to some estimates. The fees provide Formula 1 with funds it uses to pay out prize money at the end of each season. A spokesperson for Formula 1 declined to comment on the current talks, but said the company is not considering pulling out of Monaco. The Automobile Club de Monaco, which organizes the race, didn't respond to a request for comment. Under Chief Executive Officer Greg Maffei, Liberty Media has grown annual F
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LSXMA
Earnings
- 8/8/24 - Miss
LSXMA
Sec Filings
- 9/11/24 - Form 4
- 9/11/24 - Form 4
- 9/11/24 - Form 4
- LSXMA's page on the SEC website