How does Formula 1 sustain itself?

Formula 1 racing - something I find oddly very fun to watch and follow - is probably the most expensive sporting activities anywhere. When one considers the costs to run a team, to develop a car, to pay for drivers, to build and operate a facility, to take the circus all over the world, and so on, the cost is staggering. I wonder what it is? Anyone, anyone?

Sure, the facilities, series, cars, drivers' overalls, drivers' helmets, and so on are all splashed with sponsors logos. But, what is the return on investment to those sponsors. Does it matter to me in Canada that Santandar (a bank) and Vodafone (a mobile phone company) sponsor the events and drivers? I'm sure not running out to open a Santandar account ... among other reasons ... because I CAN'T. They don't do business in my neck of the woods. This is a waste of their advertising budgets.

Would these sponsors be better off to invest more locally in their own communities?

• Community Investment
• Local & targetted advertising
• Personalized relationship management with their current customers

Of course, this sponsorship game is one that is repeated in NASCAR, football (soccer), golf and many other professional sports.