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F1 earns way more than $250M annually.
Also, the vast majority of people watch F1 on TV, not trackside. On TV, you could care less where the race is held.
To me, F1 needs to improve the online experience, and offer more in the way of content (preferably free, but for pay if it must) between races. But F1 is really a global phenomenon. There literally is no way to please all of it's fans. Bernie is enough of a salesman (probably the best in the world) to know that you need a good product. He's trying to improve the product and he is not stupid, nor complacent.
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