Media Rights And Promotion Fee LimitationsAnalyst warns that limited upside in race promotion fees and media rights could cap revenue growth, constraining the ability to drive material upside from core commercial streams.
Sporting And Macro RisksPotential single-team competitive dominance or an economic downturn could reduce fan engagement, lower ticket demand and weaken sponsorship appetite, pressuring event and advertising revenues.
Valuation And Execution ExpectationsCurrent share levels already reflect years of strong execution, leaving a more balanced risk/reward profile if future operational gains fail to exceed market expectations.