Motorsports Racing News & Blog Articles

Hungarian Grand Prix is usually the final round before F1’s summer break. We’ve had an intense weekend with a great race at the Hungaroring, with numerous things happening on and off track.

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Racing at the Hungaroring until at least 2037

One of the most important subjects was the Hungarian Minister for Innovation and Technology announcement, Mr Laszlo Palkovics, who confirmed that Hungary would host Formula 1 races until 2037. Moreover, the Hungaroring will undergo extensive refurbishment as the track was initially built back in 1986. The entrance area, the paddock and the grandstands will also be modernised. Mr Palkovics confirmed Hungary’s fierce determination towards Formula 1 in company with President and CEO of Formula 1, Stefano Domenicali.

Alpine opens first showroom in Hungary and wins its first Formula 1 race

Introduction

 

Alpine’s Esteban Ocon has claimed his maiden Formula 1 victory in what was, without doubt, one of the most thrilling Hungarian Grands Prix of all time, ahead of Aston Martin’s Sebastian Vettel – while Lewis Hamilton recovered from being last at one point to claim P3, as Max Verstappen could only take 10th after Lap 1 contact in a crash that triggered a red flag.

A wild and wet start to the Hungarian Grand Prix saw five drivers eliminated on the first lap, as Valtteri Bottas locked up and wiped out Lando Norris and Sergio Perez – as well as hitting Verstappen – while Lance Stroll also locked up and hit Charles Leclerc, who spun around Daniel Ricciardo, with Bottas, Perez, Norris, Stroll and Leclerc all forced into retirement as the race was red-flagged.

Polesitter Hamilton had made it through unscathed, but Mercedes misjudged track conditions at the race restart, keeping Hamilton out for the standing start on intermediates as the entire rest of the field pitted for mediums, Hamilton was forced to pit a lap later and dropping to the back of the pack.

That allowed Ocon to take a lead that he’d hold for almost all the 70 laps at the Hungaroring, holding off the race-long advances of Vettel to take his first single-seater win since 2015, as Vettel secured his second P2 of the season after a fine drive.

Pierre Gasly interview: ahead of this weekend’s Hungarian GP, Paddock Magazine had the chance to join an online call with a 25-year-old Frenchman.

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Targets in 2021, new rules, his future – just a few of many topics we talked about with the winner of last year’s Italian Grand Prix. The French driver had some tough races recently but looking at the whole picture, that’s a pretty impressive season so far for him and Alpha Tauri.

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Pierre, we are almost halfway through the season. How could you summarize the first part of F1 2021 from your point of view?

I think it’s been positive, and I’ve never had a stronger start to a season in Formula 1. We managed to take part in several Q3 sessions. We also scored a podium in Baku and collected many points during the first part of the year. Generally, it’s been great, but luck wasn’t always on our side, and there were races where we could’ve done much better. All in all, our target is to clinch fifth in the constructors’ championship. We’ve never finished so high up before, so that’s something I want to achieve this season.

Formula 1 has announced a special collection with Asprey, the iconic British luxury goods House, to celebrate the sport’s exciting new era, with a new car and rules and regulations introduced in 2022.

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Asprey’s house artisans have crafted the most exalted symbols of achievement in sport – for the Premier League and the UEFA Cup, as well as The Derby Stakes and Wimbledon Championships and other elite sporting events. Now, it is set to celebrate, for posterity, a development which Fédération Internationale de l’Automobile’s Nikolas Tombazis has referred to as “Arguably the most important change in the sport’s history”.

Much like Formula 1, Asprey, which is celebrating its 240th anniversary this year, has a history steeped in innovative design and creation and has long been associated with the world of motorsport, having famously partnered with Ferrari’s F1 team in the late 1990s for a premium collection of silver, gold and leather pieces. Asprey’s remarkable heritage also includes restoring some of the world’s most prestigious sporting trophies.

This new collaboration follows the launch of the new 2022 F1 car, which was unveiled at Silverstone ahead of the 2021 Formula 1 British Grand Prix, as F1 begins the next chapter of its illustrious history. The exclusive collection is inspired by the design of the new 2022 car and includes sterling silver replica and sculptural models in 25cm, 18cm and 10cm sizes, as well as a range of small silver goods and silk products. Fine jewellery items including cufflinks, bracelets, charms, and signet rings are set to launch later in the autumn.

The world of Formula 1 is portraited as high-octane excitement, but behind this façade is a ruthless business attracting individuals with very deep pockets.

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Step forward to the billionaires involved in F1 at all levels.

‘The Formula 1 Billionaires Rich List’ explores the world these individuals live in and examines their influence within F1.

The List profiles 20 Billionaires, all men and asks the ultimate question – are they good for F1?

Age	62
Net worth	$3,2bn
Source of wealth	Pierre Cardin, Ralph Lauren, Tommy Hilfiger, Michael Kors
Nationality	Canadian
F1 involvement	Team shareholder

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Lawrence Stroll earned his fortune in the fashion business, alongside long-term partner Silas Chou the men invested in Pierre Cardin, Polo Ralph Lauren, Tommy Hilfiger, and Michael Kors.

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Tommy Hilfiger went from $5m of sales to $3bn in 13 years.

Success followed with clothing brand Michael Kors which was purchased for $100m and sold eight years later in a $20bn New York Stock float with Stroll banking an estimated £1bn +.

Behind the scenes, a charismatic man enjoys the good life with Hollywood A-Listers partying aboard his $200m superyacht Faith and multiple luxury homes around the world.

Age	81
Net worth	$68.6bn
Source of Wealth	Grupo Carso
Nationality	Mexican
F1 involvement	Driver sponsor

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Previously the wealthiest person globally and Mexico’s richest man Carlos Slim Helu controls América Móvil, Latin America’s most prominent mobile telecom firm.

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Grupo Carso, one of the world’s giant conglomerates, also owns stakes in Mexican construction, consumer goods, mining, real estate companies, and 17% of The New York Times.

Despite his vast wealth, he lives in a “modest” 6-bedroom home in the Lomas de Chapultepec district of Mexico City, close to where he grew up, which has been his residence for over 40 years.

He also owns the Duke Semans mansion on Fifth Avenue in New York City, one of Manhattan’s largest private residences.

Age	77
Net worth	$27,9bn
Source of wealth	Red Bull
Nationality	Austrian
F1 involvement	Circuit owner, Team shareholder

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Dietrich Mateschitz is the co-founder of the Red Bull energy drinks empire. He famously started the company after watching rickshaw riders in Thailand drinking a syrup-based drink to maintain their energy levels.

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Mateschitz, a marketing man, launched the drink in 250ml slim cans at a price five times that of Coca-Cola.

Fast forward to today, and Red Bull is a global brand with impressive turnover and profitability – 7.5 billion cans sold in 2019, almost one for each person on the planet.

The drink generates $6bn in revenue – a third of which is reinvested into marketing, including F1.

Age	70
Net worth	$20,2bn
Source of wealth	Red Bull
Nationality	Thai
F1 involvement	Team shareholder, Circuit owner

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Chalerm Yoovidhya is the son of the late Red Bull co-founder Chaleo Yoovidhya who passed away in 2012.

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There are 30+ members of the Yoovidhya family that own through off-shore companies in the British Virgin islands 51% of Red Bull.

Chalerm, alongside his brother Saravoot, are the dominant force, with Chalerm owning 2% of Red Bull outright.

Age	68
Net Worth	$17,3bn
Source of wealth	INEOS
Nationality	British
F1 involvement	Team shareholder

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Ratcliffe founded the company in 1998 and oversaw a rapid expansion by buying up unwanted assets from the likes of BP and ICI using high-risk debt to fund the company’s growth.

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Today the company has 26,000 employees, sales of $69bn, and 60 manufacturing sites in 13 countries.

The company is active in fracking and shale gas production in the UK, with Ratcliffe arguing, “You can’t have an energy policy that means you can only have a bath when the wind blows.”

He divides his time between Monaco and Hampshire, with the 2020 move to Monaco saving him an estimated £4bn in tax.

Age	65
Net worth	$14,4bn
Source of wealth	Tetra Pak
Nationality	Swedish
F1 involvement	Team shareholder

Finn Rausing, along with his siblings Kirsten and Jörn, is heir to the ‘Tetra Pak’ packaging empire. The company was founded by his Grandfather Ruben, who became Europe’s first self-made billionaire.

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Although always credited as the inventor of the Tetra Pak, the design was created by Swedish engineer Erik Wallenberg. In the smartest move of his life, Rubens paid Wallenberg six months’ salary as a one-off payment for the design rights.

Tetra Pak, which replaced glass, is used in everything from juice to milk, with 200 million units sold every day.

Rausing became involved in Formula 1 when back in 2016. He was approached by fellow Swede Marcus Ericsson who drove for the Sauber F1 team that was in financial difficulties.

Age	80
Net worth	$7,9bn
Source of wealth	Liberty Media
Nationality	American
F1 involvement	Commercial rights shareholder

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John Malone is chairman and largest voting shareholder of Liberty Media, who own the commercial rights to Formula 1.

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He was the CEO of TCI Tele-Communications for 24 years (1973 – 1996). AT&T purchased TCI for $50bn in 1999.

Malone built his empire by purchasing multiple cable TV companies earning him the ‘Cable Cowboy’ nickname. US Vice President Al Gore famously compared him to ‘Darth Vader’.

His empire encompasses Sirius XM, Live Nation, the Atlanta Braves, and Virgin Media.

Age	81
Net worth	$7,5bn
Source of wealth	The Related Companies
Nationality	American
F1 involvement	Circuit promoter

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Stephen Ross is an American real estate tycoon who started in 1972 with $10,000 he borrowed from his mother.

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He is best known for the Time Warner Centre and the ‘playground for billionaires’ The Hudson Yards redevelopment project in New York.

He owns fitness brands Equinox and Soul cycle and the NFL franchise the Miami Dolphins, which he purchased for $1.1bn in 2008/2009, which has now a value of $2.9bn.

In April, after years of local opposition, it was announced Formula 1 had secured a deal to host a Grand Prix around the Hard Rock stadium owned by none other than Stephen Ross.

Age	53
Net worth	$4,5bn
Source of wealth	Uralchem
Nationality	Russian
F1 involvement	Team sponsor

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Mazepin is often described as a Russian oligarch born in Belarus who made his fortune in the Russian chemical and fertilizer industries through his ownership of Uralchem and potash fertilizer company Uralkali.

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These positions make him one of the most critical players in the Russian chemicals and fertilizer industries, which are among the most important sectors in Russia.

His net worth is hard to ascertain, with estimates ranging from $1.3 billion to $7.1 billion, but he has a sizeable bank account either way!

There have been numerous scandals and investigations over the years into Mazepin’s business dealings that question his tactics and corporate governance.

Thanks to a chance meeting with Max Mosley on an international flight to the South African GP in 1975, I became the circuit manager some five years later. Kyalami was, without doubt, one of the most popular tracks on the Formula 1 calendar, and I was looking forward to my first GP in the role. It was scheduled for February 7th 1981. Little did I know what was in store!

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The build-up to that Nashua sponsored South African Grand Prix was marred by F1 politics, a battle royale between Bernie Ecclestone (FOCA) and Jean-Marie Balestre (FISA). It came as a real blow when we were eventually advised that the FISA Teams, namely Ferrari, Renault, Alfa Romeo, Talbot Ligier, and Osella, were ordered by FISA not to fly to Kyalami.

Planning a Grand Prix is challenging at any time; this thunderbolt heralded a significant problem for us. However, following many threats and counter-threats, it was eventually decided that the race would go ahead, but with a grid of just 19 Ford Cosworth-powered cars. It seemed surreal that the famous red cars from Maranello would not be amongst those racing in front of a passionate South African crowd that year.

I’d organised a special event on the morning of the GP for the tens of thousands of spectators who’d arrived from all over South Africa in the days leading up to the race. In those days, spectators drove their cars, bakkies, trucks, caravans and motorhomes right up the track’s perimeter fencing, creating extraordinary viewing, sleeping and eating edifices out of scaffolding, timber and anything else to hand. Alcohol flowed freely from the time of arrival, that was for sure, and by the time GP morning arrived, the crowd was very eager for action.