Dependency on Formula 1's Success: The vast majority of FWONK's value and revenue are directly tied to the performance and popularity of the Formula 1 racing series, making it highly susceptible to any downturns in the sport's appeal, viewership, or financial health.

Broadcast and Sponsorship Revenue Volatility: F1's primary revenue streams from media rights and global sponsorships are vulnerable to economic conditions, shifts in media consumption patterns, and competition from other entertainment, potentially leading to fluctuating income.

Competition from Other Sports and Entertainment: Formula 1 competes intensely with other major sports leagues, entertainment options, and digital content providers for audience attention, advertising spend, and corporate sponsorships, which could limit its growth or market share.