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This belongs to the most expensive films of all time. With the budget the film has to make 800 to 900 million USD and hardly any film does that. Ford vs. Ferrari made 225 million USD worldwide and the film was highly praised and often talked about. A Formula 1 film can only be successful with a small budget.
That Formula One film might need to have aliens enter the race, or like in Iron Man 2 have Ivan Vanko make an appearance and start slashing cars apart, in order to make profit. Or both! I'd buy that for a dollar!