News Details
F1 records $104m loss in Q3 amid pandemic
Formula 1 has announced a loss of $104 million on its third-quarter income for 2020, as the sport continues to be hard-hit by the COVID-19 pandemic. After recording total revenues of $633m from July to September in 2019, for which it turned a $32m profit, F1 only managed $597m over the same period this year, with the pandemic resulting in a $104m loss due to both a disruption to revenue streams and additional expenses. 'Results in the third quarter of 2020 were impacted by the absence of fans, the location of races as well as the timing of the revised race calendar and pro rata recognition of certain revenue streams,' F1's owners Liberty Media said in a statement. 'Primary F1 revenue...
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