Marko Hanželic
Pause for pandemics of the new coronavirus created a huge hole in the second quarter Formula 1 wallets. Accordingly, revenue for the period April to June decreased from $ 620 million (approximately $ 528 million) in 2019 to only $ 24 million (€ 20,5 million) in 2020.
V second quarter there were no races this year due to the pandemic, and in 2019 they were carried out sedem, which represents a third of the season. For 2020, the only income in this period comes from the money of sponsors who not tied to dates dirk. The losses are therefore correspondingly high.
While they are last year in the period generated a profit of between April and June $ 14 million (after paying premiums to teams), this year’s profit drop brings a loss of 136 million dollars.
In their annual report, they are at Liberty Medium stated that the Formula 1 teams did not receive during this period no funds. In addition, costs have been reduced, for example with “Cancellation or deferral of insignificant costs, reduction of salaries and deferral of bonuses”. Teams also took advantage of the opportunity waiting for work or reducing the working hours of its employees.
"Staff costs are expected to return to more normal levels in the third quarter, as most employees returned to their posts after leave before the start of the Formula 1 season," still reporting from Libery Media. At the same time, revenue is expected to increase in the third quarter.
Organizers no fees have yet been paid for Formula 1 races this year. "The agreements we have for this year are completely useless," acknowledges the CEO Chase carey. So he hopes to be able to make it to the back of the race calendar a visit to at least a limited number of fans.
