The glamorous world of F1 has come under increased pressure to apply money-saving rules in the paddock, but the recession appears to have damaged it its multi-million corporate hospitality offering as well.
Pre-tax losses trebled to £3.15m according to 2010 accounts, even though the calendar was lengthened by two additional races.
Although turnover did increase 2% due to 10% higher ‘Paddock Club’ hospitality sales, the ‘cost of servicing the higher hospitality sales’ an ‘costs and commission connected with the Group’s advertising revenue’ ensured the heavy loses.
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