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.
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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With US$40 million already committed, the Global Talent Fund is attracting investor attention with a strategy focused on building globally scalable consumer brands alongside high-profile talent.
2 min
A new investment fund targeting celebrity-founded consumer brands has secured US$40 million in commitments and is rapidly approaching its US$50 million fundraising target, signalling growing investor appetite for alternative opportunities beyond traditional asset classes.
The Global Talent Fund, which has a maximum raise of US$100 million, focuses on building and investing in consumer businesses alongside celebrities, athletes, and influential personalities who play an active role as co-founders rather than simply endorsing products.
The strategy is based on the belief that changes in consumer behaviour, particularly the rise of social media and digital engagement, have fundamentally altered how brands are built and scaled.
GTF founding partner Jeremy Hunt, who is helping lead the fund’s strategy, said consumers increasingly feel connected to personalities they follow online and are more willing to support products developed by those individuals.
“Consumers are searching for content to engage with, and when a celebrity they like or follow takes them on the journey of creating a product or brand, they genuinely feel part of that process,” he said.
The fund is targeting high-growth consumer sectors including wellness, hydration, beauty and recovery, areas Hunt believes continue to benefit from strong global demand and ongoing innovation.
Rather than backing celebrity endorsement deals, the fund is seeking businesses where talent is deeply involved in product development, brand creation and long-term growth.
According to Hunt, authenticity remains one of the biggest differentiators between successful celebrity-backed brands and those that fail.
“The consumer can see clearly if someone is simply being paid to promote a product,” he said. “The winners are typically the brands where the celebrity has genuinely helped build the business from the ground up.”
The model has attracted support from several prominent Australian investors and business families, reflecting broader interest in alternative investments with global growth potential.
Hunt said consumer brands offered a level of tangibility that many investors found appealing.
“Consumer brands are what we touch, feel, smell and taste every day,” he said. “Our investors understand the growth potential in the model, but they also want to be part of the journey.”
The fund’s rapid progress towards its fundraising target comes amid growing recognition that celebrity influence, when combined with strong commercial execution and scalable business models, can create significant enterprise value.
With several high-profile celebrity-founded businesses generating billion-dollar exits in recent years, supporters of the strategy believe the opportunity remains in its early stages.
