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F1 granted amendment to $2.9bn loan to help weather crisis
Formula 1 has received an amendment to its term loan and credit facility to help the sport weather its current crisis until the end of 2021. The prospect of a massive drop in revenue due to the COVID-19 pandemic compelled F1 commercial rights holder Liberty Media to shore up F1's finances back in April, with the holding company reattributing $1.5 billion in net asset value to The Formula One Group. To offer the latter more financial breathing space as the pandemic crisis unfolds, Liberty Media has secured an amendment to the covenant governing F1's $2,9 billion term loan and its yet undrawn $500 million revolving credit facility. McLaren gets £150m lifeline from National Bank of Bahrain...
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