Here's the kind of common sense that boards understand... and remember that this falls outside the money coming via FOM, CVC or whoever;
BBC
The global advertising value of Mercedes' television appearances during its F1 campaign in 2014 was $2.8bn (£1.8bn).
Experts believe the equivalent value for VAG of their sportscar and touring car programmes was about $30m (£19m).
Even if the equivalent value for VAG is ten times larger it's still paltry compared to
potential F1 revenue.
Executive boards maybe drool over those F1 numbers, but they'd be foolish to see it that simply. I suspect those numbers are obtained by simply calculating the brand's exposure time on TV and the average audience of F1 related transmissions.
But ...
... the way I see it, Sports Cars Racing (and Touring Cars Racing too) are much more effective than F1 in the process of building a brand image connected to racing and also with everything related to the decision to buy a road car.
The BMW brand is a good example. if you don't take into account the Brabham years, I would say that BMW in F1 is a story of near failure. However, their Sports Cars and Touring Cars more than make up for it. If you go to your local track to watch some racing, there are good odds that a few BMWs will be there, racing. And if you go to any car workshop, or to any motorsport related place or event, I will bet that the BMW brand will be there on some wall, depicting any kind of M3 or Z4 in racing trim and livery.
Same with Audi really, if you forget the pre-WWII "Auto Union" era of Grand Prixs, they simply NEVER entered the supposed pinnacle of motorsports. However, with Rallying first, and Le with Mans a few yeasr later, Audi became a brand we all recognize and desire for the cars they make.
And to end ...
Generally speaking which do you think is the more "racey" french car manufacturer? The recent quadruple F1 champion and feeder series title engine provider, or the Le Mans racer and recent Pikes Peak winner?
If you go by the BBC numbers, it should be unquestionable that RENAULT wins this, and Peugeot should only get a "paltry" result.
But I doubt that, and would be curious to know the results of a public survey with that simple question.