So, #motorsports is one of the things that I like to follow, largely because of the technological development within it.
However, this is one thing that annoys me about it - the *entire* funding model basically consists of three things:
1. Car manufacturers pouring money into the sport - this counts as both R&D budget and advertising. (Also note that manufacturer spending is sometimes seen as bad because it's unsustainable - eventually shareholders get anxious and the manufacturer pulls out.)
2. #Brands - so, so much of racing is funded by advertising unrelated to the cars on track.
3. Rich guys blowing cash on the sport.
Basically, it boils down to advertising (and R&D, but a lot of it's just advertising), advertising, and rich people's plaything.
This thought brought to you because of this article, about the second generation @FormulaE car, and a team complaining that they can't get as much advertising on it: http://e-racing365.com/formula-e/less-commercial-areas-on-cars-a-major-concern/
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Then again, advertising is better than one of the funding models for racing in the 1930s - governmental spending for political propaganda and cheating development bans on aircraft engines (by calling them racing engines instead). (I'm talking about Auto Union and Mercedes Grand Prix cars there.)