Home Sports Liberty Media sees F1 revenues stoop by $200 million | Racing Information

Liberty Media sees F1 revenues stoop by $200 million | Racing Information

SHARE


PARIS: System One proprietor Liberty Media noticed its revenues from the game collapse by greater than $200 million within the first quarter as a result of coronavirus pandemic, it stated Thursday.

The pandemic has prevented the season from beginning, with 10 races both cancelled or postponed.

It can now solely get underway on July 5 on the earliest, in Austria.

F1 income for Liberty Media dropped to only $39 million within the first three months of the yr, from $246 million in the identical interval in 2019, a dramatic drop of 84 %.

The working loss reached $137 million in comparison with a lack of $47 million over the identical interval final yr.

“F1 presently hopes to begin racing in July and proceed till December with a goal of round 15-18 races,” stated a press release launched by Liberty who took over F1 in 2017.

“It’s nonetheless unclear whether or not spectators will be capable of attend.”

The revenues generated by F1 of Liberty Media, owned by American billionaire John Malone, come from the sums paid by the organisers of the Grand Prix, broadcasters and sponsorship.

Nevertheless, with racing shelved as a result of pandemic and with Liberty Media dealing with contractual obligations to the groups, the American group in April transferred $1.5 billion which was allotted initially to its SiriusXM satellite tv for pc radio operations.

In the meantime, the share value of Liberty Media’s F1 actions stood 0.four % decrease in midsession buying and selling on the Nasdaq on Thursday at $29.47.

The inventory has misplaced virtually 33 % of its worth for the reason that begin of the yr.

LEAVE A REPLY

Please enter your comment!
Please enter your name here