The pandemic of coronavirus It has caused a financial crisis in most of the world's companies. The F1 It is not the exception as evidenced by the losses recorded in the last quarter. Between July and September it lost 88 million euros, a substantial figure considering that in 2019, in that same period, it had 27 million profit.
To be more exact, in those three months they collected 506 millones de euros against the 536 million in 2019. In addition, teams were paid 373 millones de euros for the renewal of Pact of Concord.
"Third quarter 2020 results were affected by the absence of fans, the location of the races, as well as the revised race schedule and the prorated recognition of certain revenue streams.", explained a spokesman for Liberty Medium a Motorsport.
Beyond the final result of the period, it was much better than the second between April and June, where they entered 20 millones de euros over the 525 million that were received in those same months of last year. It is clear that the reason for such a difference was that there were no races due to COVID-19.
"Formula 1 primary revenue declined primarily due to limited racing promotion revenue received as fans were banned on all but one dates during the third quarter"They explained from the company that owns the category.
Fortunately, Liberty Media reacted quickly to put together a schedule of 17 Grands Prix between July and November. Although there are fewer races than the 22 originally planned, they were enough to collect several million in television rights.