Formula 1 doubles year-over-year revenue in Q1 2022

The Formula One Group doubled its revenue to $360m in the first quarter of 2022 compared to the same period a year ago and posted a profit of $19m compared to a loss of $47m in Q1 2021.

F1 commercial rights holder Liberty Media cited two races held during the first three months of the year and growth across all three of its primary revenue streams - race promotion, media rights and sponsorship - as the main drivers of revenue.

"Throughout 2021 and particularly in the first half of the season, attendance at races was limited due to the pandemic, and the Paddock Club did not operate in the first half," F1 stated in in quarterly release.

"F1 does not expect its results in 2022 to be impacted by such capacity limitations, though fan attendance continues to be assessed by relevant government authorities on a race-by-race basis."

• Read also: Formula 1 signs up for two more seasons of 'Drive to Survive'

F1 chief executive Stefano Domenicali said: "We've had a phenomenal start to the 2022 Formula 1 season, building on our momentum from a successful 2021.

"The new cars and regulations are delivering as we had hoped, enabling closer racing, more overtaking, battles through the field and thrilling results.

"Our events are attracting growing audiences both in person and across all our platforms. We were pleased to announce multiple new sponsors around the start of the season, especially in the technology space.

"We are thrilled to debut the Formula 1 Miami Grand Prix this weekend!"

Keep up to date with all the F1 news via Facebook and Twitter