Why Formula 1 May Need a New Formula

Why Formula 1 May Need a New Formula
Lovers of adrenaline sports and sports car cruises can easily identify with the name Formula 1. I guess those who assumed this post was about a mathematical formula just shrugged and moved to the back. Oh! Well, it gets more interesting because this goes beyond just the car racing teams and fast cars. 

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While the calendar is known to always keep moving, it was otherwise an end for the celebrated Austrian billionaire and sports enthusiast, Dietrich Mateschitz, who died on October 22, 2022, at the age of 78. 

In this post, you will learn how Mr. Dietrich started his life as a marketing executive and the Aha moment that birthed one of the most consumed energy drinks in the world. Likewise, we will uncover if his Formula 1 racing teams may need a new format to be at the forefront as expected of them. 

What was Dietrich Mateschitz known for? 

An Austrian billionaire businessman, Mr. Dietrich is known for being a co-founder and owner of Red Bull. 

He is said to own a 49% stake along with a Thai businessman by the name of Chaleo Yoovidhya. As a lover of not-so-popular sports, Dietrich market brands are heavy supporters of extreme sports like mountain biking, sky diving, winter sports, and cliff diving. 

Was there a relationship between Red Bull and Formula 1? 

With an unflinching love for extreme sports, Red Bull has visibly shown its stance in Formula 1 racing. 

Formerly, Red Bull served as the primary sponsor of the Sauber Formula One racing team and owned more than 60% of it. 

As time went by, Red Bull ended its relationship with Sauber later in 2001 after the team opted to sign Kimi Räikkönen as one of their drivers for the 2001 season instead of Red Bull protege Enrique Bernoldi. 

In November 2004, Mr. Mateschitz bought the failing Jaguar Racing Formula One team from its previous owner, Ford, and he renamed it as a full-blown Red Bull Racing team for the following season in 2005. 

How did Red Bull start? 

Mateschitz had worked in marketing for Unilever and Blendax, both with stellar records and experience. 

On one of his trips to Thailand, he discovered a drink called Krating Daeng. This drink was immediately adapted into Red Bull for mass consumption. 

The jet lag experienced during the trip vanished after one glass of Krating Daeng, and Mateschitz recognized the potential market for this beverage in Europe, which led to a collaboration agreement with Thai businessman Chaleo Yoovidhya, who was only marketing Krating Daeng to truck drivers and industrial employees. 

In 1984, with assistance from Yoovidhya, he co-founded Red Bull GmbH, and in 1987 the company enjoyed an epoch-making launch in Austria. 

He then succeeded in making Red Bull drinks the market leader for energy drinks globally. 

It was discovered that he spent around three years perfecting the recipe before the altered beverage was introduced in 1987 under the new moniker "Red Bull." 

How well is Red Bull doing today? 

Red Bull energy drinks have been an instant energy drink for many consumers globally. As awkward as it may seem, Red Bull has enjoyed acceptance as an official drink by people seeking a boost when they feel exhausted. 

According to records, in the past year, 2021, Red Bull reportedly sold 9.8 billion cans worldwide, and this is considered enough to provide caffeine to over 80% of the planet. 

Why may Formula 1 need another formula? 

We all know that big shoes are usually hard to fit into, especially when it comes to the place of succession. 

After the demise of the Red Bull CEO, it is almost easy to raise the question of whether the same energy level matched by the deceased [if not more] can continue for the drink, magazine, and the Formula 1 car racing arm of the business. 

The good part is that Mr. Mateschitz was intentional enough to separate himself from the businesses so that they could operate without his physical input. 

Considering this, it was recorded that Red Bull won the 2022 Formula One constructor's championship, which occurred a few days after the death of the owner. 
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