186: $100 million F1 Monaco Grand Prix
The Monaco Grand Prix stands out as a symbol of glamour and exclusivity in the world of sports, drawing celebrities, millionaires, and racing enthusiasts to the stunning backdrop of the Mediterranean Sea. Its longstanding history and prestige have solidified its place on the Formula 1 calendar.
Monaco shares a unique relationship with Formula 1, receiving benefits such as a discounted hosting fee of just $15 million per year compared to other races that pay between $20 to $55 million. The country also retains control over TV arrangements and sponsorships. This special partnership leads to an estimated annual economic impact of $110 million for Monaco.
Despite being one of the priciest races for spectators, with ticket prices ranging from $160 for Friday’s practice to $16,000 for a 3-day luxury experience, thousands of visitors flock to the glamorous location. VIP packages, high-end accommodations such as the Hotel de Paris Monte Carlo with rooms costing up to $6,000 per night, and elite experiences cater to those ready to indulge.
The Monaco Grand Prix also features a lively yachting scene, with superyachts docking at Port Hercules and available to charter for rates between $12,000 and $140,000 per week. For instance, Faith, a lavish $200 million yacht, has a weekly rental price of $1.5 million.
Interestingly, Monaco is home to many Formula 1 drivers who are drawn to its tax advantages, privacy, and prime location. This makes the race feel like a home event for these drivers.
While there have been concerns about the future of the race due to a lack of on-track action and potential financial shortcomings, the contract between Formula 1 and Monaco has been extended until at least 2025.
As long as the Monaco Grand Prix continues to generate revenue and captivate media, it remains an essential part of the Formula 1 calendar. Nevertheless, as circumstances evolve, future changes or negotiations may reevaluate the event's unique relationship with Formula 1.
