(Motorsports news) The organization operates on a different commercial basis than other teams, with the RBT group serving as Red Bull Racing’s parent company and the latter officially employing only 50 individuals. The fact that RBT’s income includes payment for work done by and parts provided to AlphaTauri complicates matters even more.
In addition, four other distinct but connected businesses operate on the Milton Keynes campus, two of which are involved in present and future F1 powertrain initiatives. RBT reported a turnover of £385.6m, up 13% from £341.9m the previous year, while profit after tax increased from £8.6m to £13.4m. Red Bull Racing numbers are included in the above group totals. Turnover was £278.0m, up about £40m from 2021. Profit after tax was £2.0m, up from £1.3m the previous year.
The F1 prize fund contributed significantly to the increased cash. While Red Bull finished second in the 2021 constructors’ championship and so came second in the 2022 prize fund pecking order after winner Mercedes, the overall pie was larger. The team also increased its sponsorship revenue, with Oracle becoming the team’s title sponsor at the start of the 2022 season.
According to the team, production costs were reduced due to “careful spend management, strong relative performance and reliability, and limited race event accident damage.” RBT also claims that administrative expenses increased in part due to a $7.0 million (£6.2 million) fine imposed by the FIA in October 2022 for exceeding the previous year’s cost cap.
Surprisingly, the auditors’ notes in the accounts, which are generally a routine cut and paste, expressly address the expense cap violation. According to Ernst & Young, it researched the breach and the “circumstances and reasons” for it, met with Red Bull management and the FIA personally, and confirmed that the situation was closed.
Staff bonuses for Max Verstappen’s championship victory and the 2022 constructors’ title increased expenditures, while drivers received larger bonuses as well. RBT had a total workforce of 736, including the previously mentioned 50 workers that are directly affiliated to RBR. Its most visible project, the RB17 hypercar, is intended to leverage F1 technology outside of the sport and to use resources that exceed the FIA cost cap.
According to the business, it has also worked on “hydrogen-powered racing cars, racing motorbikes, elite racing bicycles, high performance sailing boats, and even hot air balloons.” RBAT reported a turnover of £6.1m and a workforce of 70 people, with 21 in manufacturing and 49 in R&D. Red Bull Advanced Services Ltd, yet another entity, provides support to all of the aforementioned entities. It was founded in May 2022, employs 31 people, and has a revenue of £3.6 million.
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