THE BUSINESS OF BEING OSCAR PIASTRI
Formula 1 may be the world’s most glamorous sport, but for Oscar Piastri, it’s also one of the most lucrative. At just 24, Australia’s highest-paid athlete is earning more than US$40 million a year.
3 min
In the high-octane world of international sport, homegrown Formula 1 star Oscar Piastri is big business. After a trailblazing 2025 season, Piastri is on track to be one of our most successful athletes ever. Almost certainly, he’ll be the richest.
The 24-year-old Melbourne-born driver inked a lucrative deal with McLaren reportedly worth US$41 million a year, making him Australia’s highest-paid athlete. Not bad for a Brighton boy who left home at 14.
Driving all the way to the bank
When Piastri lines up on the F1 grid at Melbourne’s Albert Park this year, the world’s eyes will be on him as he attempts to achieve what no other Australian driver has by winning the Australian Grand Prix. Football might have the most fans (an estimated 3.5 billion), but F1 still commands around 430 million devoted followers.
According to F1 owner, US giant Liberty Media, the motorsport generated a whopping US$3.65 billion in 2024. While some of that revenue comes from ticket sales, media rights account for roughly a third of the pie. These include broadcasting deals with television networks that know the adrenaline-charged drama of F1 racing translates into ratings-winning viewing.
Adding to the fascination is the Netflix docuseries “Formula 1: Drive to Survive,” which tracks the lives of drivers, managers, and team owners both on and off the circuit. The big screen joined the party in 2025 with F1: The Movie, starring Brad Pitt as an ageing driver attempting a comeback, which proved a hit with cinemagoers, grossing US$624 million (A$946 million) worldwide.
Much like Grand Slam tennis, which counts Rolex and Emirates among its sponsors, F1 attracts prestigious brands such as Louis Vuitton, Moët & Chandon and TAG Heuer. It’s no surprise F1 drivers can command enviable salaries.
At the end of Piastri’s second season with McLaren, in 2024, the Aussie is reported to have pocketed US$34.5 million, including a base pay of US$7.8 million plus US$26.7 million in bonuses. His current deal with McLaren will see him in the team’s famous papaya orange colours until at least 2028.
Piastri also benefits from team sponsors such as Mastercard, as well as personal deals with companies including Quad Lock, software group Dubber, burger chain Grill’d and his father Chris Piastri’s automotive software company HP Tuners.
Piastri is undoubtedly a champion in a cut-throat sport where split-second decision-making at more than 300 km/h can mean the difference between a chequered flag and crashing out. But it’s his future marketability and brand potential where the young driver could outshine his rivals.
It may not, however, be as simple as saying more wins equal more money, according to Hans Westerbeek, Professor of International Sport Business at Victoria University.
“In modern F1, the financial equation is far more complex,” Westerbeek says. “A driver’s value to a team and to sponsors isn’t just measured by podium finishes. It’s about their ability to generate global attention, connect with fans, and represent the brand values of their team and sponsors.”
In the age of “algorithmic fandom”, Westerbeek says digital engagement through social media matters just as much.
“A spectacular overtake that goes viral on TikTok may deliver more commercial value than a quiet second place,” he argues. “Teams and sponsors now monitor real-time sentiment data on how fans react online to every race weekend, and this affects negotiations and commercial deals.
“So, Oscar’s growth in earning potential depends on a combination of performance and digital visibility.”
When Piastri crashed out in the Azerbaijan Grand Prix in September, he was understandably deflated, telling Sky Sports F1 the race was “not my finest moment”. And yet Piastri’s first-lap exit drew most of the headlines, not rival Max Verstappen’s win.
“In many ways, F1 drivers are no longer just athletes; they’re content creators,” Westerbeek says. “An unexpected post-race interview that resonates globally might drive as much sponsor interest as a podium finish.
“The sport’s economics are shifting from pure sporting results to a hybrid model of performance plus digital storytelling.”
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Australian shares fell on Thursday as Wall Street weakness, rising oil and persistent rate concerns weighed on most of the market. The S&P/ASX 200 declined 0.72 per cent to 8,702. The All Ordinaries lost 0.66 per cent to finish at 8,897. Mining stocks were hit particularly hard, while real estate also dragged on the index. …
Continue reading “ASX falls 0.7 per cent as miners and property stocks retreat”
2 minAustralian shares fell on Thursday as Wall Street weakness, rising oil and persistent rate concerns weighed on most of the market.
The S&P/ASX 200 declined 0.72 per cent to 8,702. The All Ordinaries lost 0.66 per cent to finish at 8,897. Mining stocks were hit particularly hard, while real estate also dragged on the index.
Energy was the notable exception, gaining more than one per cent as Brent crude traded above US$103 a barrel. Oil had moved higher amid uncertainty surrounding potential US diesel-export restrictions and broader geopolitical supply risks. The move supported energy producers but renewed concern about inflation inputs across transport and the wider economy.
Gold shares were weak even as spot bullion remained historically elevated. The All Ordinaries Gold index fell about 2.25 per cent, showing that equity performance can diverge from the commodity because of valuation, currency, operating and company-specific factors.
Zip was a prominent loser, falling 11.38 per cent after the company reported short sales after the previous close. Nine Entertainment also weakened after UBS analysts warned of near-term revenue challenges associated with its advertising-supported subscription tier.
Premier Investments led larger winners despite caution about the retail environment. Breville, in which Premier owns a significant stake, also appeared among leading movers. In the broader ASX 300 screen, Myer gained 11.43 per cent and MAAS Group rose 7.93 per cent, while Lotus Resources fell 10.53 per cent. These percentage moves should be checked against company announcements and trading liquidity before attributing causes.
The Australian dollar was broadly flat at US70.38 cents. Spot gold was around US$4,280 an ounce, Brent crude approximately US$103.08 a barrel and iron ore near US$96.90 a tonne late in the session.
The rate outlook remains the central domestic catalyst. Labour-market weakness has not eliminated the possibility of an RBA increase next week, leaving banks, listed property and other rate-sensitive sectors exposed to changing expectations.
Market dashboard
S&P/ASX 200: 8,702, down 0.72 per cent.
All Ordinaries: 8,897, down 0.66 per cent.
Best sector: Energy, up more than one per cent.
Weakest areas: Real estate and materials were the major drags; confirm final sector percentages before publication.
Material winner: Premier Investments led the large-company gainers. Confirm its final closing move from the ASX before publication.
Material loser: Zip, down 11.38 per cent.
ASX 300 percentage leader: Myer, up 11.43 per cent.
ASX 300 percentage laggard: Zip, down 11.38 per cent.
AUD/USD: Approximately US$0.7038, broadly flat.
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