Sponsors, merchandise companies and TV executives are licking their lips at the prospective profits that will be made by an increased Formula 1 fan base from last years highly competitive championship race. The 'spygate' scandal will hopefully be left in the past and the racing will once again take the fore as the most exciting motor racing tour on the planet.

Lewis Hamilton can be seen as a direct reason why profits for sponsors and merchandise companies have been so high. His exquisite rookie season was a record in Formula 1 with more wins and more points in his debut season than any driver in history.

Lewis Hamilton has brought many fans back to the fold, especially in Britain where the popularity of F1 was faltering through years of unsuccessful drivers and dull regulations; the popularity of this young driver has changed all that.

The F1 regulators have done much to make the racing more exciting in recent years. The tyre and engine limitations have made pit stops and tyre choice pivotal in some races. This year brings a banning of traction control systems that will doubtlessly lead to thrilling racing and many more overtaking manoeuvres.

This will definitely bring larger profits to sponsors and merchandise producers as fans will finally able to see the cars unchained; and the true skill of the drivers.

After the rounds of testing that have been going on in the off season, the contest for the championship looks more open than it has been in years. Ferrari drivers Kimi Raikkenon and Felipe Massa have impressed in the F2008 while both Toyota and BMW have been competitive.

For BMW this offers German sponsors and merchandise businesses the chance for great domestic earnings, more so than recent years where the team had flagged somewhat. It is also hoped Honda BAR will be able to perform to its ability after another disappointing season of malfunctions and breakdowns.

McLaren have taken a serious risk with their driver choices for the upcoming season. With the choice of two drivers who were rookies last year the experience in the team is questionable. Hamilton and Kovalainon both impressed last year but teams usually have one mature driver to counter a younger, more impetuous driver.

McLaren have abandoned this wisdom for two young drivers, whether they can both keep their cool in the heat of a race will be one of the talking points throughout the season.

Unfortunately the bad blood between team mates Alonso and Hamilton seems to have spilled out into the grandstands. During testing in Spain fans were seen racially abusing Lewis Hamilton in the paddock; as the first afro-Caribbean driver in Formula 1 this sets a worrying precedent before the season has even begun. Sponsorship and merchandise executives will hope the situation is resolved quickly as not to hamper profits for the next six months.

From the rounds of testing it currently looks as if once again, Ferrari will be the team to beat. With some outstanding lap times in the last round of testing they are ahead of the pack by nearly a second.

The skill of the other drivers in races will be imperative to creating a season that is not dominated by one or two teams. Hopefully the new rules on traction control will punish driver mistakes harshly and lead to the contest for points being fiercer than ever.

One thing is certain, with the big businesses behind the sponsorship and merchandise deals in Formula 1, the sport will drive towards making races evermore exciting. Rule changes to increase competition are a vital component of this and proposed plans to cap team spending will also raise competitiveness.

As always Melbourne on March the 16th will give some indication of how exhilarating the new Formula 1 season will be.