23/10/2019
NEWS STORY
Currently sixth in the standings, albeit under increasing pressure from Racing Point, Toro Rosso could be on course to match its best ever season result, the Faenza-based outfit having finished sixth in 2008.
According to Forbes, the latest financial statements reveal that the Red Bull-owned team saw its costs increase 5.6% to £140m ($181.4m) last year, while its net profit fell by 2.5% to £1.46m ($1.9m).
The Faenza outfit's three main source of income are sponsorship, prize money and payments from its parent company Red Bull. Understandably, the more the team receives in sponsorship the less Red Bull has to contribute.
Its biggest external sponsor is Honda, which is understood to contribute around £19.3m ($25m) a year for its presence on the car's livery and the drivers' overalls.
Since buying the former Minardi team from Paul Stoddart in late 2005, according to the Formula Money Sponsorship Database, Red Bull has poured almost £770m ($1bn) into its sister team, while external sponsorship, over the same period, has increased by 1,238% to £24.7m ($32.1m).
When it initially bought the Faenza outfit, Red Bull admitted that much of the reasoning was because it "now has a second vote in any matters raised regarding the future of Formula 1".
However, other than changes to the sport's rule-making process, which involves the top six teams, over the years Red Bull has become one of the major forces in F1 courtesy of its success.
Red Bull put Toro Rosso up for sale in 2008, but having failed to find a buyer took it off the market again in 2011.
Last year the Faenza team proved its worth when it switched from Renault power to Honda, the team which has been the proving ground for so many of Red Bull's drivers now fulfilling a similar role in terms of an engine partner, as Toro Rosso took on Honda following its mostly disastrous relationship with McLaren.
Convinced by the move, Red Bull subsequently followed suit and switched to the Japanese manufacturer, creating a partnership which has, thus far, resulted in two wins, and has Max Verstappen battling Charles Leclerc and Sebastian Vettel for third in the driver standings.
Last week it was confirmed that from next season Toro Rosso will be called Alpha Tauri, after a clothing brand connected to its big sister.
It remains to be seen whether the move, together with a rise up the grid, will appeal to new sponsors and thereby allow Red Bull to reduce its financial input.