Formula 1 loses 104 million dollars in third quarter

The financial situation of Formula 1 in the period June to September has been made public. There has been a loss of around $104 million, Motorsport.com reports. 

The loss is largely attributed to the mandatory coronavirus related adjustments, which meant that many races had to be held without an audience. Also, with many media channels, the price for broadcasting the races was reconsidered.

Last year in the same period, a profit of around $32 million was made. The financial results for the second quarter of 2020 will not be calculated, as Covid prevented any races from being held in that period.

These disappointing figures can be used to substantiate the rumours that the American Liberty Media intends to sell its ownership of Formula 1. When Liberty bought Formula 1 it was planning to boost the sport, but in times of coronavirus, this turns out to be more difficult than anticipated.