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MOTORSPORT: Various roads to F1 all very expensive
6:00pm Saturday 14th September 2013 in Sport
Alice Powell Column
THE cost of motorsport is quite a hot topic among people not just inside the sport, but outside of it too.
So is it expensive? The answer to that is yes. But how expensive?
The road to Formula 1 is the route that every young driver wants to take, myself included.
However, budget is something that dictates how far a driver goes up that ladder.
Some young drivers are spending easily more than £100,000 on go karting around the world.
Yes, that is a lot on go-karting, but you wait until I tell you the figures of single seater racing . . .
The single seater route that drivers take to try and get to F1 is varied.
However, the most popular route is Formula Renault to GP3 or F3 to World Series by Renault or GP2, and then hopefully to F1.
The amount of seasons that you spend in each series is of course up to the driver, their managers and sponsors, investors or business partners.
Each of the above series is popular and receives good media coverage in the motorsport world.
To race in Formula Renault in Europe, can cost around £300,000 per season.
GP3, which races alongside the European Formula 1 races, is budgeted at £600,000 per season with FIA European Formula 3 around the same.
World Series by Renault attracts around 100,000 spectators across a weekend, and a season in this formula is around £800,000.
GP2 races alongside all the European F1 races, and also races in some of the “fly away” F1 races.
A season’s budget in GP2 is around £1.5-2m!
So depending on the route, you will see that the learning route to F1 costs around £2-3m.
Having said all this, companies do benefit from being associated with young drivers due to the good publicity they receive in the sport.
Once a driver reaches Formula 1, their media awareness increases dramatically and so does the business associated with them.
It is not only the drivers that are struggling, but the teams too.
It is a tough industry, but it is one that I love.
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