Liberty Media sees F1 revenue drop by $ 200 million
PARIS: Formula One owner Liberty Media saw its revenue from sports collapse more than $ 200 million in the first quarter due to coronavirus pandemic he said Thursday.
The pandemic has prevented the season from starting, with 10 races either cancelled or postponed.
Now it will only start on July 5 at the earliest, in Austria .
F1 revenue for Liberty Media dropped to just $ 39 million in the first three months of the year, from $ 246 million in the same period in 2019, a dramatic drop of 84 percent.
Operating loss reached $ 137 million compared to a loss of $ 47 million during the same period last year.
F1 currently hopes to start racing in July and continue until December with a target of around 15-18 races, said a statement released by Liberty who took over F1 in 2017.
It is not yet clear if viewers will be able to attend.
The revenues generated by F1 of Liberty Media, owned by American billionaire John Malone , come from the sums paid by the organizers of the Grand Prix, the broadcasting organizations and the sponsorship.
However, with racing shelved due to the pandemic and with Liberty Media facing contractual obligations to the teams, the American group in April transferred $1.5 billion which was allocated initially to its SiriusXM satellite radio operations.
Meanwhile, the share price of Liberty Media 's F1 activities stood 0.4 percent lower in midsession trading on the Nasdaq Thursday at $ 29.47.
The stock has lost almost 33 percent of its value since the start of the year.