The figure for the loss comes despite the fact that the world’s leading automotive championship reported revenues of $ 597 million (€ 502 million), down $ 36 million from the $ 633 million generated in the same period in 2019. The decline in revenue is due to the fact that fans were unable to attend the ten Grand Prix organized between July and September (three more than in 2019), with the exception of the Tuscan GP. In addition, Formula 1 also paid $ 441 million to the teams, up from $ 335 million in the third quarter of 2019, due to the increase in the number of races.
In addition to the absence of fans, Formula 1 executives said revenues were impacted by the geographic location of the races and timing due to the calendar revision, as the championship started in July after the March suspension due to the pandemic. .
In the first and second quarter of 2020, when no races could be organized, Formula 1 reported operating losses of $ 137 million and $ 122 million respectively, with revenues standing at $ 40 million and $ 24 million respectively. dollars.
The latest Formula 1 financial figures were revealed when Liberty Media company released its quarterly results. Liberty Media CEO Greg Maffei said: “We suffered a lot not to have fans in person at the events. I credit our management team for making the great adaptation to support the business and keep the interest of the fans high. “
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