Formula 1 brought in less than $40 million of revenue in the first quarter of 2020, when the season-opening races in Australia and Bahrain were called off.
The lack of races in the first quarter meant “primary F1 revenue consisted only of the elements of sponsorship contracts associated with non-race related rights that were recognised during the period” said the series in a statement. “No race promotion fees nor broadcasting fees were recognised.
“Similarly, other F1 revenue decreased due to zero revenue recognised from the Paddock Club and other event-based activities and television production activities.”
The sport’s revenue is likely to remain low in the second quarter of 2020 as all eight races which were due to be held have been postponed or cancelled. “We currently expect no races to take place in the second quarter of 2020,” the statement confirmed.
“We are thankful to the FIA, teams, promoters, our employees and other key partners for their support and efforts during this challenging time,” said F1 chairman and CEO Chase Carey.
“We are moving forward with our 2020 plans, while working to strengthen the long term future of Formula 1 through new technical, sporting and financial regulations that will further improve the competition and action on the track and make it a healthier business for all involved.”
The championship intends to begin its season with the Austrian Grand Prix on July 5th.
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2020 F1 season
- Pictures: Wrecked chassis from Grosjean’s Bahrain fireball crash to go on display
- Bottas vs Rosberg: Hamilton’s Mercedes team mates compared after 78 races each
- F1 revenues fell by $877 million in Covid-struck 2020 season
- Hamilton and Mercedes finally announce new deal for 2021 season
- F1 audience figures “strong” in 2020 despite dip in television viewers