Small Family Business

For an industry that employs 40,000 people, generates $7.5 billion in annual revenue and attracts TV audiences of 500 million-plus for each race, Formula One is surprisingly small. When the cars line up on the grid in Melbourne next weekend for the Australian Grand Prix, the drivers will come from just 11 teams. On the track the Formula One family entertains with its rivalries; off the track it intrigues with its secrecy and seemingly petty squabbles. And as often happens in tight-knit clans, family ties can unwind when it comes to who inherits the business.

The latest...