How F1 is embracing cryptocurrencies
Cash in brown envelopes - or even suitcases - used to fuel many a Formula 1 deal, says business guru MARK GALLAGHER, but technology is changing the game when it comes to finances in grand prix racing
They used to say cash is king, but that's definitely not the case any more.
It also used to lubricate many a motor racing transaction and, when I say cash, I literally mean big piles of it. Often in suitcases, sometimes in the proverbial brown envelope. I once had a driver, whose father owned an amusement arcade, bring me a sponsorship payment in £1 coins, which took two mechanics just to lift the boxes.
That's the problem, however, because in days gone by cash became synonymous with undeclared income, which means tax evasion.
This is one reason why governments and central banks promote the convenience, and scrutiny, of digital transactions.
Share Or Save This Story
Can Alpine’s latest regime change shift its course?
Why long Sainz courtship was only one factor in eventual Williams union
How F1’s tech war has transformed in 2024
The apparently humble F1 component with remarkable attributes
The statistical F1 anomaly Verstappen will seek to remedy in Singapore
The hard-to-shift narratives Mercedes needs Antonelli's next steps to dispel
How Alonso played designer in Aston’s new limited edition special
F1 uncovered: A weekend behind the scenes with a team physio
Race of Champions: What is the famous motoring event?
Andretti F1 plans unchanged after ownership change
Ben Hunt: Is F1 at risk of being dragged into the race for the White House?
How an underfunded rising talent earned a career ROKiT boost
Jon Noble: The one thing McLaren must leave behind for the title run-in
Ranking the real 2025 F1 driver line-up pecking order
Will Sauber's C44 go down as F1's best point-less car, or are there better contenders?
When McLaren conquered F1 and the Indy 500
Subscribe and access Autosport.com with your ad-blocker.
From Formula 1 to MotoGP we report straight from the paddock because we love our sport, just like you. In order to keep delivering our expert journalism, our website uses advertising. Still, we want to give you the opportunity to enjoy an ad-free and tracker-free website and to continue using your adblocker.
