Money, the essential and important fuel of Formula One

With its influence on teams, drivers and the sport as a whole, money is a key ingredient of the Formula One experience.

It is usually said that love makes the world go round, but in the world of Formula One, it is money which makes the industry revolve. Oscar Wilde says, "When I was young, I used to think money was the most important thing in life. Now that I'm old, I know that it is." This elucidates the importance of money and for Formula One sports, huge amounts of money are needed to keep it running.

Formula One, otherwise known as F1, is a racing organization which caters for open-wheel single-seater Formula One racing cars. The design of the cars both interior and exterior are marvelous and a great sight to see. Though they have a jaw-dropping look, it is important to note that such fantastic designs do not come at a free price. There are funds that have to be juxtaposed in order to accomplish this unique good look. For example, the McLaren Mercedes demands respectively £100 for the engine production and development. Therefore, a great investment of money is needed to keep the racing vehicles in motion.

In order for a Formula One organization/group to persevere and progress, there needs to be teamwork. This team should be catered for financially in order for it to give a good service, thus interweaving in the idea of money. If the teammates are paid well then they will give good service which will lead to the team winning and accumulating more money. Each team is mostly composed of 300 to 970 individuals consisting of constructors, strategists, engineers, drivers, and mechanics. All personas should undoubtedly have good salaries as they play significant roles in their spheres of influence which will contribute to the success of the team. Hence, money is needed to organize all these people, thus showing that money is essential and is the important fuel for Formula One. 


Furthermore, money works hand in glove with Formula One Sports as there are other expenses to be covered such as cooperate events, rent, capital expenses, providing for the team, bills, sponsor chasing, fuel, and races. In order for races or events to be a success, huge amounts of money should be invested, but sometimes the organizer's pocket is not financially stable. Therefore, they will have to look for sponsors and at some occasions they have to pay rent at the places where the events will occur. The amount of covering these expenses is usually sky-high, hence a lot of money is needed. This also brings to light the fact that without money, it is impossible for Formula One sports to be a success.

Moreover, Ashok Siyol states that, "Money is not everything but money is required for everything." Earlier, it was stated that there are expenses in Formula One Sports that need to be catered for in order for the teams to be successful. In the interior of the car, there is a steering which though appears small, it is very expensive. It is a small and extractable, going for respectively $70,000 to $100,000 in US dollars. The steering wheel on itself is more expensive than some other motor vehicles, such as the Ford Ranger or Mazda. Without a steering wheel, a vehicle is useless just like meat without salt, therefore this great amount of money is spent on the steering wheel and if the team is not financially stable, they can get bankrupt just from purchasing the steering wheel. 


There is also what is known as a Nose cone which, like the steering wheel, plays a significant role in maneuvering the car around the track during the racing event. This car part usually costs a total of $300,000 in US currency. Therefore, a huge amount of money totaling to $400,000 approximately is spent on these small parts of the car. In Formula One Sports, accidents are inevitable as the racing cars will be moving at high speeds and the racetracks are curvy. Though drivers exercise caution, one driver might have woken up on the wrong side of the bed and end up causing an accident which will affect many other drivers on the track. A single accident on the track can cause major damage to the car. Some reports from the year 2014 and 2015 confabulating about the damage on Formula One cars denoted that the costs of fixing a car can go up to respectively $600,000 in US dollar currency. 

Therefore, if an accident occurs and the Formula One organization do not have money to repair the damaged car or cars, it will result in the demise of the sport. However, there are some other factors that are important to fuel in F1. These include, self-motivation in leaders, teamwork, positivity through everything and many hours of practice which can also be classified as dedication to the sport. Without these, though money will be available, there will be no participants in the sport therefore all these mentioned above, when intertwined with money, are a great fuel in keeping Formula One alive and functional. 

In conclusion, money as a metaphor to fuel is essential and important in Formula One sports as it keeps the sport alive and functional. Like a car which requires fuel in order to keep moving, Formula One sports need financial wellness and stability in order for everything to be aligned well and be successful. Other factors such as self-motivation, positivity, dedication and teamwork also play a big role in fuelling Formula One. Therefore, money and the above-mentioned factors are essential and important fuel of Formula One.