Formula 1

Vettel's Ferrari departure triggers $90million F1 loss on stock exchange

Ewan Gale Friday 15 May 2020 13:50 Updated: 14:16

Vettel's Ferrari departure triggers $90million F1 loss on stock exchange

Formula 1 suffered a $90 million hit to its share price this week as news emerged that Ferrari and Sebastian Vettel were to part ways, reports suggest.

The four-time champion called it quits with the Scuderia this week after failing to agree a new contract beyond the 2020 season.

As reported by Formula Money, a specialist in the business of Formula 1, the share price plummeted by 4.5%. This was counteracted by a lesser 3.1% rise following the announcement that Carlos Sainz would be filling the vacancy.

However, this still equated to a net $90 million loss, at a time when the sport has already taken damage due to the pandemic.

We Tweeted yesterday that #F1 should have never been floated because it is influenced by too many external factors. Here's more proof:
Vettel leaves Ferrari: $FWONK -4.5%
Sainz joins Ferrari: $FWONK +3.1%
Both prices from the same time. That's a net loss of 1.4% or $90 MILLION... pic.twitter.com/5M5trjZDbw
— Formula Money (@FormulaMoney) May 14, 2020

In March, the share price plummeted as multiple races were postponed. The losses continued to mount through April as the postponements turned, in some cases, into cancellations.

As the world faces a financial crisis, the decision to float Formula 1 on the stock exchange after Liberty Media's acquisition looks even more risky with the latest developments.

The sport is looking to get back racing in July with multiple venues setting up for events behind closed doors, with a fully-attended Grand Prix some way off at the moment.

Binotto: Vettel and Ferrari did not share 'the same goals'

Latest News

F1 Social

Williams announce early release ahead of 2025 season

5 minutes ago

Latest F1 News

Aston Martin issue major UPDATE on Verstappen team switch

1 hour ago

Red Bull

Red Bull star's promotion DELAYED until 2026 after shock team decision

2 hours ago

F1 Today

F1 News Today: BOMBSHELL Verstappen Aston Martin switch claim issued as RIVAL signing confirmed

3 hours ago

GPFans Recap

Mercedes set for SHOCK absence as Wolff issues health update - GPFans F1 Recap

Yesterday 23:55

Toto Wolff

Mercedes boss Wolff reveals stress factor in health update

Yesterday 22:55

More news

F1 News 24/7

Races

About GPFans

GPFans is a multi-platform, multi-language brand dedicated to Formula One coverage. We bring you all the ins and outs of the sport, 24/7, everything from up-to-the-minute news and features to the latest viral stories and clips.

We believe that a new generation of exciting, outspoken drivers will make F1 more popular than ever before, and we want to give our users access to as much of their heroes as possible, on and off the track. From Lewis Hamilton to Max Verstappen, Daniel Ricciardo to Sebastian Vettel, we provide in-depth analysis of every every Grand Prix in the season, from Australia to Abu Dhabi.

With Formula One under the new ownership of Liberty Media, how the sport is being covered is evolving, and GPFans will look to be at the heart of this progression into new media, as one of the fastest-growing sites covering the king of motorsports.

Follow us on your favorite social media channel

Corporate & Media

Innovatieweg 20C
7007 CD, Doetinchem, Netherlands
+31645516860

CHOOSE YOUR COUNTRY

Vettel's Ferrari departure triggers $90million F1 loss on stock exchange

Vettel's Ferrari departure triggers $90million F1 loss on stock exchange