F1's Profits Soar

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F1'S PROFITS SOAR

ITV

Formula One Administration, the Bernie Ecclestone-run company that controls the commercial rights to Formula 1, more than doubled its profits in 2004.

Accounts filed at Companies House show that FOA posted pre-tax profits of $447 million, up from $215m in 2003 and $127m in 2002, while its turnover rose by 25% to $705m.

A large part of the increase is accounted for by a payment from the Interpublic Group to end a 15-year contract to promote and run the British Grand Prix in the fourth year of the deal.

The healthy profit enabled FOA to slash its outstanding debt from $468m to $121m, raising the prospect that it may have been able to clear the balance during 2005.

To put its 2004 profits into perspective, FOA paid $360m to motorsport