Red Bull profits fall despite Max Verstappen’s record-breaking 2023 campaign

Red Bull profits fall despite Max Verstappen’s record-breaking 2023 campaign

Helmut Marko, Max Verstappen and Christian Horner (via IMAGO)

Formula 1 is the pinnacle of motorsport which is thriving currently. As such, one would expect F1 teams to be finally making financial gains as the sport is at its peak. However, Red Bull’s latest financial records reveal that the Austrian team saw a drop in its profits during Max Verstappen‘s incredible 2023 campaign.

Red Bull Racing, the F1 operations of Red Bull GmbH listed its 2023 financials on Companies House, a requirement which must be met by all UK-based businesses. The documents report that Milton Keynes’ profit for 2023 stood at £1.296 million ($1.7 million). The turnover was this period was £307 million ($402 million).

The profit earned by Red Bull declined compared to its 2022 earnings which stood at £2.057 million ($2.698 million). As such, Milton Keynes’ profit declined by £800,000 ($1.04 million). This is a substantial drop, however one must note that the turnover for 2022 was £278 million ($364 million). As such, it is likely that the team spent more during 2023 as it witnessed Max Verstappen win 19 out of 22 races.

Christian Horner receives major salary hike in 2023

Red Bull’s documents disclosed that Milton Keynes increased the salary paid to its directors. As per reports, Christian Horner is believed to be the highest-paid director at Red Bull Racing with his salary increasing from £3.447 million ($4.521 million) in 2022 to £7 million ($9.18 million) in 2023.

Christian Horner and Max Verstappen
Christian Horner and Max Verstappen (Via: Imago)

One must note that Dr. Helmut Marko is also listed as the Director for Red Bull Racing. Although, it is widely believed that the 81-year-old is employed by the parent company Red Bull GmbH, rather than the F1 team.

Max Verstappen’s team wouldn’t be too bothered by the fall in its profits year-on-year. Red Bull Racing likely invested more money into various operations within the team which resulted in this fall. Although, Milton Keynes is yet to make an official comment regarding this drop as of yet.