Liberty Media

Formula 1 hit by $200m loss of revenue

Sam Hall Thursday 7 May 2020 16:55 Updated: 19:48

Liberty Media have revealed that Formula 1 lost over $200 million of revenue in the first financial quarter of 2020.

The period, which ran from the start of 2020 to the end of March should have seen Formula 1 complete the Australian and Bahrain Grands Prix, but the Covid-19 pandemic saw both events cancelled or postponed.

Greg Maffei, Liberty Media President & CEO, said, “We are operating in unprecedented times, impacting the Liberty portfolio across the globe. Our companies in the live event space have been working with players, teams, bands, fans and government authorities to operate during social distancing and safely provide unique and engaging experiences. We thank our employees and partners for their dedication, flexibility and leadership.

“We were pleased to complete the reattribution between Formula One Group and Liberty SiriusXM Group in April. Liberty SiriusXM now includes Live Nation, a complementary business and an established leader in the entertainment space. SiriusXM posted solid first quarter results and the business is proving resilient. Formula One Group has a strengthened balance sheet which will enable us to enhance the F1 business and be opportunistic.”

In 2019, Formula 1 enjoyed a revenue stream of $246m in Q1 of 2020, but for the same period in 2020, this dropped to just $39m.

Operating losses are also up by a staggering 191% from a loss of $47m to $137m. This comes before the advance payments to struggling teams were made so the Q2 report could reveal the real figure to be much higher.

Figures shown do not account for personnel who were placed on furlough as this decision was made on April 3, several days after the close of the quarter. As such, further cancellations and postponements of eight grands prix events have no affect on these figures, the damage from those losses set to appear in the Q2 reports at the end of June.

Jordan predicts Mercedes 'will sell their team'Read more

Latest News

F1 Social

F1 star gets NEW drive for Christmas

2 hours ago

Features

The ultimate F1 Christmas gift guide: Picking the best present for every team

Today 11:57

F1 Today

F1 News Today: Verstappen replacement talks emerge as SHOCK team switch revealed

Today 07:57

GPFans Recap

Hamilton dealt 2025 challenge as huge Ferrari sale unveiled- GPFans F1 Recap

Yesterday 23:57

F1 Social

Hamilton set for shock F1 challenge after legendary return unveiled

Yesterday 22:28

Ferrari

Staggering Ferrari sale emerges as F1 star set for team switch

Yesterday 20:57

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

Formula 1 hit by $200m loss of revenue

Formula 1 hit by $200m loss of revenue