From yesterday's newspaper:

"Michael Schumacher: Three-time Forumula One world champion extends contract with Ferrari through 2004 at estimated $62 million per year."

 

[QUOTE]Originally posted by TFota
[B]From yesterday's newspaper:

"Michael Schumacher:

 

I'm going to call Ferrari

 

Big deal, that's onlyabout 350 Modenas. . . a year!

 

Shoot, I'd do it just for a new one.

 

No wonder Ferraris are so expensive

 

$62 mil a year? Man, that means Ferrari is making big bucks from racing in F1.

 

F1 is big money. So big that a bunch of the companies are going to try and start a rival (*cough* IRL *cough*) because a cable TV company bought a controlling share. F1 and Soccer are *the* sports in Europe.

Unlike NASCAR, racing in F1 (CART is similar) has a lot of payoffs in R&D, although paying your driver $62 mil seems extravagant. Oh wait, it's Ferrari, extravagance is expected

 

My apologies to the non-americans, football.

 

So how do the manufacturers earn money? Sponsorship?