Lando Norris
McLaren
Mercedes
Red Bull
Ferrari
Williams
Racing Bulls
Aston Martin
Haas
Alpine
Formula 1 is enjoying a financial boom as the series continues to grow, resulting in the 10 teams on the 2024 grid all now having valuations worth in excess of $1bn (£790m).
Investors from around the world are keen to get their names on Formula 1 cars as more and more car manufacturers also flock to the pinnacle of motorsport. Audi increased its stake in Sauber to 100% back in March and will turn the Swiss squad into its works F1 team in 2026.
Audi will also become a Formula 1 engine manufacturer when the German automotive giant debuts on the grid. General Motors is also set to join the F1 family in 2026 through its luxury Cadillac brand, along with intending to design a Formula 1 power unit to introduce for 2028.
GM joining F1 via Cadillac in 2026 and later becoming a power unit provider will take the car manufacturers creating engines to six beside Ferrari, Audi, Mercedes, Ford and Honda. Ford is working with Red Bull to produce a power unit for when Honda and Aston Martin join up.
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The increasing number of car manufacturers becoming involved in Formula 1 is helping build each of the current teams’ valuations, as well. F1 even split a prize pool of $1.22bn (£965m) between the crews in 2023, up from $1.16bn (£917m) in 2022, as their values keep growing.
Now, Sportico reports that all 10 of the teams on the 2024 Formula 1 grid have valuations in excess of $1bn (£790m). The value of a Formula 1 team has also increased by 53.74 per cent on average from Sportico’s 2023 data, with Aston Martin making the biggest jump at 83.9%.
So, with that in mind, F1 Oversteer looks into the valuations of the Formula 1 teams in 2024 as Williams also shoot up the leaderboard and McLaren see their value increase by 77.9%…
Ferrari: The most valuable Formula 1 2024
- 2024 Ferrari F1 team value: #1 at $4.78bn (£3.8bn)
- 2023 Ferrari F1 team value: #1 at $3.1bn (£2.45bn)
Ferrari remain the class of the field as the most valuable Formula 1 team in 2024, while also seeing the Scuderia’s value increase by 55.1% from 2023. The Maranello natives are a staple of Formula 1, which also sees Ferrari earn a bonus payment of at least 5% of the prize purse.
Mercedes: Second most valuable Formula 1 2024
- 2024 Mercedes F1 team value: #2 at $3.94bn (£3.1bn)
- 2023 Mercedes F1 team value: #2 at $2.7bn (£2.1bn)
Mercedes endured their first winless Formula 1 season since 2011 in the 2023 campaign. Yet Lewis Hamilton and George Russell helped the Silver Arrows get back to winning Grands Prix in 2024, as Mercedes also saw the team’s value increase by 47.6% and break $3bn (£2.4bn).
Confirmation in February 2024 that Hamilton will leave Mercedes for Ferrari in 2025 did not prevent the Silver Arrows’ valuation from soaring, either. The seven-time Formula 1 drivers’ champion will be replaced by 18-year-old rookie Andrea Kimi Antonelli at Mercedes in 2025.
Red Bull: Third most valuable Formula 1 2024
- 2024 Red Bull F1 team value: #3 at $3.5bn (£2.7bn)
- 2023 Red Bull F1 team value: #3 at $2.4bn (£1.9bn)
Red Bull and Max Verstappen registered the most dominant season in Formula 1’s history in 2023 and saw their team value increase by 42.1% in 2024 as a result of further success. The Dutchman won his fourth consecutive drivers’ championship in 2024, all won with Red Bull.
Verstappen winning 19 of the 22 Grand Prix in 2023 and securing further wins in 2024 even helped to improve the value of the team from Milton Keynes despite several leading names leaving Red Bull, including Jonathan Wheatley to Sauber and Adrian Newey to Aston Martin.
McLaren: Fourth most valuable Formula 1 2024
- 2024 McLaren F1 team value: #4 at $2.65bn (£2.1bn)
- 2023 McLaren F1 team value: #4 at $1.5bn (£1.18bn)
McLaren had only won the 2021 Italian Grand Prix since the 2012 Brazilian Grand Prix before Lando Norris and Oscar Piastri became race winners for the first time in 2024. The Woking outfit also competed for their first constructors’ title since 1998 and drivers’ title since 2008.
Becoming title contenders again, albeit with Norris missing out on the drivers’ title, also saw McLaren improve their team value by 77.9% between the figures in mid-2023 and late-2024. Norris signing a new, long-term contract with McLaren through 2028 also helped their value.
Aston Martin: Fifth most valuable Formula 1 2024
- 2024 Aston Martin F1 team value: #5 at $2.07bn (£1.6bn)
- 2023 Aston Martin F1 team value: #5 at $1.1bn (£870m)
While Aston Martin remained the fifth-most valuable Formula 1 team in 2024, no outfit saw their value increase more from 2023 than the Silverstone crew at 83.9%. That is also despite Aston Martin fading from fighting for podiums in early 2023 to a middle-of-the-pack squad.
Part of the reason behind Aston Martin’s mammoth value increase is the vast investment by owner Lawrence Stroll to improve their facilities. The Canadian billionaire has spearheaded efforts to improve Aston Martin’s factory – including building a state-of-the-art wind tunnel.
Alpine: Sixth most valuable Formula 1 2024
- 2024 Alpine F1 team value: #6 at $1.5bn (£1.18bn)
- 2023 Alpine F1 team value: #6 at $1bn (£790m)
The sixth-most valuable Formula 1 team in 2024 is Alpine. But the Enstone outfit could fade in the standings soon after Groupe Renault decided to end its works engine division in Viry-Chatillon. Alpine will become an engine customer of Mercedes as of the 2026 F1 campaign.
Alpine saw their team value increase by 49.3% between 2023 and 2024, despite starting the 2024 season with the slowest car on the F1 grid. Groupe Renault even hired Oliver Oakes to replace Bruno Famin as the team principal of the Alpine Formula 1 team as of August 2024.
Williams: Seventh most valuable Formula 1 2024
- 2024 Williams F1 team value: #7 at $1.24bn (£981m)
- 2023 Williams F1 team value: #9 at $795m (£629m)
Williams are now the seventh-most valuable Formula 1 team after recording their best year since 2017 during the 2023 season under the watch of team principal James Vowles. He led the Grove squad to seventh in the 2023 constructors’ championship after leaving Mercedes.
Vowles is also improving Williams’ infrastructure and getting the team to plan ahead for the introduction of Formula 1’s regulation changes. Ferrari exile Carlos Sainz even agreed to join Williams from the 2025 season as the teammate of Alex Albon after Vowles’ public pursuit.
Signing Sainz was a huge coup for Williams as Vowles secured a multiple Grand Prix winner to help Albon mould their future. The Spaniard switching Maranello for Grove could further improve Williams’ value beyond their 55.9% increase Vowles oversaw from 2023 into 2024.
Visa Cash App RB: Eighth most valuable Formula 1 2024
- 2024 Visa Cash App RB F1 team value: #8 at $1.22bn (£965m)
- 2023 AlphaTauri F1 team value: #7 at $905m (£716m)
Red Bull GmbH rebranded the energy drinks brand’s junior Formula 1 team from AlphaTauri to Visa Cash App RB in 2024 after striking sponsorship deals with the two financial services. But the new name and title sponsors was not enough to avoid RB slipping into eighth place.
The Faenza outfit were the seventh-most valuable Formula 1 team in 2023 as AlphaTauri but Williams have surpassed Visa Cash App RB now. RB still improved their value by 34.7% from the 2023 rankings, arguably aided by replacing Nyck de Vries with Daniel Ricciardo in 2023.
Ricciardo is one of the most marketable Formula 1 drivers and replaced De Vries mid-way in 2023 at AlphaTauri. Yet the Australian’s inconsistent form saw Red Bull refresh RB’s line-up in 2024, as Liam Lawson took over Ricciardo’s drive for the final six rounds of the campaign.
Sauber: Ninth most valuable Formula 1 2024
- 2024 Sauber F1 team value: #9 at $1.2bn (£949m)
- 2023 Alfa Romeo F1 team value: #8 at $815m (£644.5m)
Sauber were the eighth-most valuable Formula 1 team in 2023 in their last year operating as Alfa Romeo. Yet the Swiss crew have fallen one position in the 2024 rankings – despite Audi increasing its ownership of Sauber to 100% this March to turn them into its factory F1 team.
Audi will rebrand Sauber in 2026 when the German automotive giant debuts in F1 with a full works factory team. But the four rings of Ingolstadt moving into Hinwil, Switzerland was not enough to prevent Sauber’s slip despite the team’s valuation increasing by 47.2% from 2023.
Haas: 10th most valuable Formula 1 2024
- 2024 Haas F1 team value: #10 at $1.02bn (£807m)
- 2023 Haas F1 team value: #10 at $710m (£561.5m)
Haas remain the least-valuable Formula 1 team among the 2024 grid despite also joining the $1bn (£792m) club. The US-owned team increased their value by 43.7% between 2023 and 2024, despite stomaching their second-worst season in existence over the 2023 campaign.
Only in 2021 when drivers Mick Schumacher and Nikita Mazepin failed to score any points in the season had Gene Haas seen the team rank last in the constructors’ championship before 2023. Chronic tyre degradation saw Nico Hulkenberg and Kevin Magnussen score 12 points.
But 2024 proved a much more prosperous year for Haas after Gene let Guenther Steiner go at the end of his contract and promoted Ayao Komatsu to be the team principal. Komatsu’s work will also boost the team’s value after Haas secured a technical partnership with Toyota.
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