Iconic F1 license plate now valued at $22 million

The one-of-its-kind F1 license plate has continued to grow in value in the past decade.

Iconic F1 license plate now valued at $22 million

'F1' license plate on Bugatti Veyron [L] (via prestigeonline), Max Verstappen [R] (via IMAGO).

Formula 1 fans are very passionate about the sport and take every chance they can to gather sports memorabilia or souvenirs. After many years of usage, F1 drivers often place multiple racing suits, driving gloves, and other accessories for bidding. However, one such F1 fan’s dream is to own a car with an exclusive ‘F1’ license plate.

The British businessman Afzal Khan owns the ‘F1’ license plate. In 2008, Mr Khan paid £375,000 [$477,618] to Essex’s county council to own the exclusive ‘F1’ license plate to his McLaren SLR. Notably, the plate was sold at such a rate to raise funds for Essex’s council after its registration back in 1904. However, since then the price of the license plate has increased by a lot.

Subsequently, Khan shifted the license plate from his SLR to his Buggati Veyron in 2010. Some rumors suggest that he was offered a £5 million offer to sell the exclusive license plate. However, the businessman turned down the offer and held onto the one-of-its-kind memorabilia. Luckily, the price of the plate increased to an astounding £18 million [$22 Million] in 2024 according to RegTransfers.

F1’s average team value increased by 276% since 2019

Formula 1 has an evergrowing popularity and fanbase compared to the past. Additionally, F1’s inception with the mega-popular Netflix Docuseries ‘Drive To Survive‘ has also been one of the major factors in the sport’s growing popularity. In the 2023 season, the average team’s revenue was an astonishing $600 million, compared to approximately $500 million back in 2019. Ferrari is the most valued F1 team in 2024.

Red Bull Ford Powertrains HQ (image via Autosport)
Red Bull Ford Powertrains HQ (image via Autosport)

Moreover, Formula 1 expects a revenue generation of almost $500m from Las Vegas GP alone. Although some of these numbers were drawn from previous statistics and approximations, no one can disagree with the sport’s growing demands in recent years. T

Hence, the 2024 season will be exciting with the 2026 regulation shake-up just around the corner. The last few seasons of the older regulations will provide Red Bull with an amazing opportunity to clinch some more championships for the team. Anyhow, the grid prepares for the challenges upcoming the 2024 season.

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