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In the Pitlane: Are Liberty Media on the right track?
The pandemic has taken its toll on Liberty Media’s finances with the announcement of a loss of $104m in the third quarter of 2020. In a statement, the company blamed the pandemic and also noted its payments to teams were up from $335m in 2019 to $440m in 2020 “due to one-time fees paid to teams upon signing the new Concorde Agreement.” So, you would be forgiven for thinking this is extortionary times we live in and normal service will be resumed post-Covid, think again. The problem Liberty face is F1 is not a profitable business, sorry I will rephrase that, F1 is not a profitable business for Liberty Media. Since spending $4.6bn in 2017 to acquire the business Liberty has posted...
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