The Dark Side of F1 & Motorsports Sponsorships
The Formula 1 World Championship is one of the most popular sports on the globe. Netflix's Drive to Survive series has increased the popularity of Formula One.
The pressure is always on F1 drivers. The sport offers competitive salaries and brand partnerships. Travelling from one country to another can cause burnout and fatigue for the whole team.
Companies advertise through Formula 1. Sponsors contribute as little as $500,000 to over a million dollars annually. A more successful team can be paid millions per year in sponsorships.
Haas, an American Formula 1 team, recently cut ties with its Russian sponsors following Russia’s invasion of Ukraine. Nikita Mazepin, a rookie F1 driver and son of Dmitri, was recently sanctioned by the USA.
F1 teams get sponsorship deals from companies with questionable environmental records. Tobacco and cigarette companies have shown interest in F1 sponsorships. Sponsorships have been used as a front for money laundering and tax evasion. F 1 teams are seen as the perfect avenue to launder money. The extravagance of F2 teams is barely questioned. All members of these teams need to be held accountable if the sport is to clean up. The sport's regulatory boards need a way to enforce stricter rules.
