Global partner F1 is almost most valuable company in the world

Formula 1 never seems to be shy of money, but with the deal struck with Aramco in 2020, the sport is in particularly wealthy hands. The controversial Saudi Arabian oil company is now almost the most valuable company in the world.

The bottomless F1 treasury

Formula 1 is all about billions. In 2017, when F1 was sold to Liberty Media, the value of the sport was quantified. Liberty Media paid $4.6 billion and the value of the total transaction made in the acquisition was $8 billion. Since then, the sport has only become more popular and grown and, as a result, F1 has also increased in value considerably. That big money also attracts big money and with DHL, Emirates, Heineken, Pirelli, Rolex and Aramco as global partners, there seems to be no bottom in Formula 1's coffers.

Controversial sponsor Aramco has become much more valuable by 2022 due to high energy prices, which means Formula 1 now partners with the almost most valuable company in the world. Aramco is worth a scant $1.9 trillion (one with 12 zeros!). Apple is currently the most valuable company, worth $2.066 trillion.

Formula 1 financially sure, but morally too?

Formula 1 seems stronger than ever partly because of Aramco's wallet. Not surprisingly, the company was able to force a race to come to Saudi Arabia and there is talk of a second race in the country. On the other hand, the partnership with Aramco is also problematic. First, because it does not sit well with Formula 1's mission to be less polluting for the environment and climate (Aramco is a big polluter), and second, because Aramco is largely owned by the Saudi state and there is much debate about the human rights situation in Saudi Arabia.

Formula 1 seems more popular and richer than ever and, because of all the money, also has every opportunity to grow further. Given the course Liberty Media has set, F1 will do so for a long time to come. The only question is at what cost that growth will come. At the start of the 2022 F1 season at the Saudi Arabia Grand Prix, it became painfully clear why the partnership between F1 and Aramco is dubious. An F1 session was rocked by a missile attack on Aramco facilities just a few kilometres from the circuit.