"There will be no more racing there"- F1 CEO dashes hopes of future races in Russia after Ukraine invasion

F1 CEO Stefano Domenicali has put his foot down to firmly deny the chance for any race to be held in Russia. This with the unprovoked invasion of Ukraine.

The sport has expanded its global footprint in recent times and was supposed to have its longest season since inception with 23 rounds this year. That was before Russia launched a military assault on Ukraine in late-February that is still ongoing at the time of writing this.

The subsequent war has had a major impact on global inflation, something that has led to teams on the grid pinching their pockets and seeking allowances in the cost cap. The race that was scheduled to be held in Sochi in September was swiftly dropped.

While F1 is open to traveling far and wide to keep bringing the action to new shores, Domenicali is certain they will not be returning to Russia. Simply because it is 'non-negotiable' in the eyes of the Italian despite the pay being better than most venues.

Speaking in an interview with motorsport.total.com, the 57-year-old said:

"I always say that you should never say never - but in this case I can promise: We will not have any more negotiations with them. There will be no more racing there."

Some might find this stance a bit hypocritical on Domenicali's part considering the multi-year deals the sport agreed with Saudi Arabia and Qatar. Two nations with questionable track records pertaining to human rights. F1 could also be eyeing two races in China from 2023 after an extended exile from Shanghai owing to the Covid-19 pandemic, overlooking any conflict of interest that may arise.

F1 has already confirmed that they will be hosting three races in the the United States next year, with the Las Vegas GP joining Miami and Austin on the calendar. A return to the Kyalami Grand Prix Circuit in South Africa for the first time since 1993 could also be on the cards. This could result in storied European tracks being dropped from an already packed calendar that cannot exceed 24 races.

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F1 earned $744 million in revenue in 2022 season so far

F1 has been rolling in the green after reporting an overall revenue haul of $744 million between Q2 of 2021 and Q2 of 2022, according to a report carried by Motorsport.

The sport was hit hard in 2020 when the season was curtailed mere days before that year's Australian GP due to the onset of the COVID-19 pandemic. This led to a shortened season with minimal turnout at the venues and continued into the first half of 2021.

With fans thronging to the tracks and their Paddock Club operating at full tilt again, F1 has seen its revenue grow by as much as 49% midway through the current campaign. The sport's earnings catapulted from $501 million in 2021 to $744 million in 2022.

According to the aforementioned report by Motorsport, revenue from race promotion, sponsorship rights, and broadcasting deals rose by as much as 35% from $464 million to $678 million.

Revenues from the Paddock Club and freights also jumped by 214% from $37 million to $116 million. The sport's operating loss from Q2 in 2021 of $43 million has also been converted into a profit of $49 million for this year.

This, in turn, has also led to an increased windfall for all teams on the grid. in 2021, the share of revenue given to all teams was $308 million. This figure has gone up by $60 million in 2022.