Red Bull: "Liberty Media expects to lose 200 to 300 million in revenues"
F1 News
- GPblog.com
Mercedes, Red Bull Racing, Haas, Racing Point, Renault, McLaren and Williams are currently helping with the development of respiratory equipment for the Government of Great Britain. The seven Formula 1 racing teams have established their factories in the United Kingdom and are helping to guide the country through the coronavirus. At Red Bull the development is already in full swing, says Helmut Marko.
"Production has already started at our company, we produce respiratory equipment," says Marko in a broadcast on the Austrian television channel ORF. The Milton Keynes-based team was able to switch quickly. "That's the big advantage of Formula 1. You can respond to technological challenges in a very short period of time and also produce fairly quickly.
Factories do open for medical equipment
Due to the early summer break of Formula 1 which takes place in March and April, the factories are actually closed. However, this only applies to developments on the Formula 1 car. "We have been in the so-called early summer break since last Friday, but the production of parts for the British government will continue during this break," the Red Bull Racing advisor explains.
The coronavirus is also hitting Formula 1 hard. Marko talks about it again. "Measures have been taken to absorb the loss of income due to the shortened world championship. For example, the regulations have been postponed from 2021 to 2022, no work is allowed on the chassis and the summer holidays have been moved to allow races to be organised in a more intensive form from the summer onwards," says the Austrian, who does warn that the costs due to fewer races are significantly less than the loss of income.
Hard blow for Liberty
Many reservations have already been made that cannot be cancelled free of charge. "We're talking about hotel reservations. Moreover, we have already placed all our equipment orders for the whole year", says Marko, who knows that the owner of Formula 1 also suffers. "Liberty Media expects a loss of 200 to 300 million in revenues." Whether this amount is in euros or U.S. dollars is not known.