The problem with the races being unprofitable is Bernie.
The figures being quoted are that the race costs 30m Euro, including 18m in Bernie fees. Ticket sales generated 10m Euro. Without the fee, they would only be short 2m, which isn’t a significant gap for the government to cover, and it would easily cover the tourism bucks generated into the local economy.
Obviously, the Bernie fee is necessary as it pays for a lot of the logistics specific to the venue which needs to be covered…but 18m seems excessive. He’s a billionaire from F1, so it’s clear that he takes a huge cut from that for his own use.
The reason he has publicly said he doesn’t want to lose it is because if he lets them out of the contract, he loses a lot of money. F1 needs a hard nosed business man to run the commercial side, and Bernie very much fits that description. It’s likely that his successor would be equally as hard nosed, as that’s what CVC would want. I just hope that they have a heart for the sport and secure GPs which are historically significant and give them a break on their fees.