Flavio Briatore highlights significant F1 change: 'It's the place to be'

Few figures in Formula 1 have witnessed the championship's transformation quite like Flavio Briatore.

The 76-year-old Italian businessman has experienced F1 through multiple eras, from guiding Benetton to title success with Michael Schumacher in the 1990s — and also as Renault with Fernando Alonso in the 2000s — to his current role as Alpine executive advisor.

Across that journey, Briatore has seen Formula 1 evolve from a championship that was still finding its commercial ceiling into one of the world's most valuable sporting properties.

Team valuations have soared, grandstands are routinely packed and a younger audience has embraced the series in unprecedented numbers.

"It's changing a lot," Briatore says during an interview with RacingNews365 and others over the Hungarian Grand Prix weekend.

"Commercially, it is changing a lot, and all the circuits are better, including this one; this one, I believe, is the best we have at the moment, Budapest," he adds of the revamped, state-of-the-art paddock at the Hungaroring. "The people have done an Incredible job.

"But what has changed [in F1]? The perception of Formula 1; it's the place to be. Everyone sees the sponsors supporting Formula 1; the sponsors supporting the teams are changing.

"It's more complex, if you want, more difficult technically, because of the changes we've had, etc., etc. But now Formula 1 is the place to be.

"Every circuit we go to is a record [crowd]. Friday [at the Hungaroring] was full; 15 years ago it was not full at all, Friday. And Thursday had nobody. At Silverstone, on Thursday was 20,000 people. So that is changing a lot."

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Younger and more American

Formula 1 has enjoyed remarkable commercial growth over the past decade under Liberty Media's ownership, with sponsorship investment reaching new heights and promoters around the world competing for races.

At the same time, Netflix's Drive to Survive has introduced the championship to a new generation of supporters, particularly in key markets such as the United States.

For someone whose greatest successes came in an era when F1's global reach was far smaller, the contrast is striking.

Briatore oversaw Benetton's rise from midfield contender to world champion, helping Schumacher secure consecutive drivers' titles in 1994 and 1995, while the team claimed its only constructors' championship in the latter season. He later led Renault to further championship success with Alonso in 2005 and 2006.

Yet despite those achievements coming during a golden period on track, Briatore believes today's Formula 1 occupies an altogether stronger commercial position.

"The average age of the fans has dropped dramatically," he points out. "That is very good. "And plus, we have America. Before, America was non-existent. We wanted to go to America for free, and nobody wanted us.

"Liberty Media is changing the communication completely, changing the commercial side, and now it's a very healthy company."

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Soaring valuations

The paddock Briatore first entered was one where tobacco sponsorship dominated liveries, American interest was minimal, and Friday grandstands were often sparsely populated.

Today's championship is a global entertainment product, attracting blue-chip partners, record attendances and a fanbase that continues to broaden in both age and geography.

But perhaps no metric or measurement illustrates that transformation more clearly than the value of an F1 team.

When Briatore's Benetton operation was sold to Renault in 2000, the French manufacturer paid approximately €120 million to acquire the team. At the time, it represented a significant investment in Formula 1.

A quarter of a century later, that figure barely scratches the surface of modern valuations.

"When Benetton was sold to Renault, you're talking about the value of the team being 100 million euros," Briatore explains. "Now you're talking about a billion. It has changed from millions to billions in a very quick time, at least what we have [at Alpine], and some teams are more.

"15 years ago, 100 million was already, 'wow, big valuation'. So this is a big change we've had: the value of the teams, which is enormous now."

It is a remarkable shift for someone who has experienced Formula 1 from both sides of its commercial evolution.

While Formula 1 has undergone sweeping technical regulation changes and become increasingly sophisticated behind the scenes, Briatore's view is that its greatest transformation lies elsewhere.

And as he succinctly puts it: Formula 1 is now "the place to be".