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On the surface, Formula 1's global revenues are on an upward trajectory: the recent Liberty Media deal placed an enterprise value of $8 billion (￡6.15bn) on the sport via 2015 annual revenues of around $1.8bn/￡1.39bn. Of that, 10 teams shared approximately half (though it wasn't divided equally); their collective slice amounts to $883million/￡680m, paid in 10 monthly instalments during 2016.

The Liberty transaction should result in the US-based, NASDAQ-listed entity with interests in sport, events and media acquiring control of F1's commercial rights after completing the second phase of a stock-purchase agreement by mid-2017. But the bullishness surrounding the deal deftly camouflages real concerns about F1's sustainability unless it moves away from a creaking business model still rooted in the 1980s.

The fact is that television eyeballs, and, by extension, the ability of teams to attract meaningful sponsorship are plunging (30% over five years). At the same time F1's calendar doggedly hiccups at the 20/21-race mark despite talk of 25 fixtures. In addition, there is increasing pushback from promoters over their hosting fees-versus-income equations.

That Sauber, a team with a long F1 history stretching back to 1993, was pushed to the brink before being saved by wealthy benefactors is indicative of F1's malaise. Unless Liberty pushes through swingeing changes this situation is expected to deteriorate through to 2020, when the current team agreements expire.

In certain instances, Brexit has hit F1 as hard as it has the real world. In others, though, the teams (and Formula One Management) benefited enormously, particularly in terms of dollar-derived income, despite euro-invoiced expenditure for items such as engines and tyres increasing markedly.

Indeed, much of the black ink that replaced 2015's red numbers in team balance sheets can be attributed to the favourable dollar-to-pound exchange rate. It even prompted the tongue-in-cheek comment from Red Bull Racing boss Christian Horner that "Brexit was probably our biggest sponsor..."

It's not all doom and gloom. Renault's desire to re-establish itself as an F1 team owner rather than continue solely as an engine supplier gave grids a welcome French flair, while the arrival of Gene Haas with his eponymous team not only boosted entries, but built the F1 brand in the world's largest market, the USA.

Then, during 2016, Heineken entered F1 as event and signage partner with plans to boost awareness via social media and marketing campaigns aimed at the younger audiences the sport so desperately needs to attract.

For further signs that F1 continues to enjoy a robust global following, look no further than the frenzy created by Nico Rosberg's retirement within a week of lifting the title. If ever proof were needed that F1 has not lost its media relevance, that snippet of bad news provided it.

METHODOLOGY

Since eight out of the 11 teams are based in Britain, Companies House filings facilitate financial comparisons between UK-domiciled operations. In addition, the race-team arm of Haas is based in England, providing a glimpse of the US team's operations.

But such accounts are at least nine months in arrears. So this information is supplemented by interviews, analysis and educated estimates. Various sources were consulted and cross-referenced, including filings, known variables, informed assumptions and inside information. The same methodology was applied for non-UK-domiciled operations.

Development costs ahead of major technical changes for 2017 were incurred during the current season, and these have been widely estimated by team bosses to have inflated budgets and headcount levels by approximately 5% over 2015.

Autosport's 'Bang-for-Buck' table, whereby team budgets - excluding engine divisions - are divided by championship advances made by teams over the season has been revised to provide a more accurate index. Less is more - and this proves it (see page 33).

It's important to note that our analysis focuses on 2016 team budgets, and not 2015 financial filings. So considerable differences between the two sets of numbers may exist.

Budgets exclude engine divisions where applicable, with assumption made that the FIA's guideline charge of ￡18m for an annual two-car supply is applied internally.

Currencies have been converted from euros (Ferrari/Toro Rosso), Swiss francs (Sauber) and US dollars (FOM, plus team sponsor contracts) to sterling. Rates: ￡1=€1.20/SFr1.30/$1.30.

For comparison with 2015 figures click here, and for 2014 click here.

MERCEDES