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McLaren Racing boss Zak Brown said that each Formula 1 team is worth more than $1 billion, and this is accompanied by the changes made under the ownership of Liberty Media Corp.

Brown’s comments come at a time when Formula 1 is gaining a wave of popularity in the United States and rapid growth in revenues. This was not the case before Liberty took over, according to Brown.

Brown noted during an interview with:BloombergIn Jeddah, “half of the teams are profitable.” “It wasn’t like this five years ago.”

This success put Liberty in a position to choose who can participate in Formula 1. Michael Andretti’s offer to partner with General Motors was rejected last January to join the championship in 2025.

Brown added: “Liberty seeks to protect the value of the 10 participating teams. Before Liberty, the teams were declining. Now, under Liberty, there are teams that want to join the sport. So I think Liberty decides how, when and who participates.”

Liberty Media has invested heavily in marketing the sport in the United States since purchasing it in 2017.

A series of deals and rising valuations followed, with popularity rising largely due to the success of Netflix’s Drive to Survive documentary series.

Late last year, Canadian billionaire Lawrence Stroll sold the Aston Martin team’s stake in the Formula 1 championship to the American private equity firm Arctos Partners, which also owns shares in Fenway Sports Group, which owns the club. Boston Red Sox and Liverpool Football Club. The value of the deal was estimated at about one billion pounds ($1.3 billion).

Brawn said Formula 1 management could consider the next phase of global expansion by looking at regular races, which would allow the competition to tap into new markets. He added that the current schedule, which includes 24 Grand Prix races per season, has reached its limit.

He continued: “If we need to hold more races, Asia is an important region. If we had more markets to enter, it would be Asia, India and South Africa. This would really give us global influence.”