Formula 1 can no longer count on raking in huge sums of money from grand prix hosting fees and is on the correct path exploring and chasing fresh revenue streams, according to Mercedes team boss Toto Wolff. A number of race promoters were in Monaco last weekend for talks with commercial rights holders Liberty Media, who took over in January last year and ousted former supremo Bernie Ecclestone. Several have called for revised contracts, while there has been speculation that a proposed new race in Miami for 2019 will have much cheaper terms because of its strategic importance. “Sanction fees were one of the three key revenue generators in the old Bernie Formula 1 business model. And he...
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