Red Bull generate record-breaking £300,000,000 in revenue after winning the 2023 championship double

Red Bull Racing generated record-breaking revenue during its dominant title-winning campaign in 2023. Max Verstappen secured his third driver's championship while the team comfortably claimed its sixth Constructors' title, with both drivers finishing in the top two positions in the standings.

The Milton-Keynes-based team reported revenues of £307.4 million, up from £278 million in 2022. This marked a nearly £30 million increase, translating to a year-on-year growth of 10.43%. However, the report also indicated a decline in profits during the same period, with profits of £1.2 million compared to £2 million in 2022.

The report mentioned that increases in cost for the season were primarily driven by "success-based payments", reflective of the team's on-track performance. Having racked up 860 championship points last season, the team had to pay a $7.4 million entry fee ($657,837 and an additional $7,893 for each point scored in the 2023 season).

The revenue report also disclosed the salaries of the two Red Bull directors, Christian Horner and Helmut Marko. CEO and Team Principal Horner's salary was reported at £7 million, while Marko received £200,000, although most of his salary comes from the parent Austrian company.

Christian Horner and Max Verstappen (Source: Getty)

Red Bull Racing and Max Verstappen had a historic season last year, winning 21 of the 22 races and achieving an impressive overall win rate of 95.45%. The team secured the championship during the Japanese GP weekend with six races remaining in the season. Additionally, the pit crew clinched their sixth DHL Fastest Pit Stop Award.

Verstappen won 19 of the 22 races, setting a record with 10 consecutive wins. He clinched his third consecutive title and is now pursuing a fourth, currently leading the drivers' standings with six rounds remaining in the season.

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Ex-F1 team boss insists Red Bull won't catch up with McLaren

Former Haas F1 team principal Guenther Steiner believes Red Bull Racing will struggle to catch McLaren for the remainder of the 2024 season. The Woking-based team recently overtook the reigning champions to claim the top position in the constructors' standings, currently holding a 41-point lead.

Steiner was impressed with MCL38's pace in the Singapore GP and insists Ferrari will play a bigger role in the championship fight. He said on the Red Flags podcast (via Racingnews365):

"I don't think to catch McLaren this year will be possible. What they showed in Singapore, for me was just amazing. It was amazing. I think that Ferrari can play a bigger role than they played in Singapore for the world championship, because, in theory, they should've been in front of Max, but they didn't qualify ahead, both of them."

Steiner also believes Max Verstappen will fight for his fourth driver's title until the end of the season. He currently holds a 52-point lead over his closest rival, Lando Norris, with six races remaining.