F1 suffers financial LOSS with revenue impacted by disaster
F1 News
F1 suffers financial LOSS with revenue impacted by disaster
Formula 1's revenue for the second quarter fell to $141m (£110m), with their funds impacted by the cancellation of the Emilia Romagna Grand Prix.
The event was scheduled to take place at the end of May but severe flooding in the region in northern Italy saw the race postponed and then cancelled.
Due to the tragic landslips and loss of life, F1 officials were reluctant to place further strain on the emergency services, especially with thousands left homeless.
On a recent earnings call, Brian Wendling, chief financial officer of Liberty Media, delved further into the financial results.
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Imola disruption
"Given Imola was cancelled on the Wednesday of race week, the majority of the race-related costs with regard to planning, logistics, and setup had already been incurred," he said.
"On a full-year basis, we estimate the impact to adjusted awaited up from the cancellation of Imola is modest at less than $20m."
The Chinese Grand Prix was also cancelled earlier this year due to the Covid-19 restrictions imposed in the country, leading the sport to hold just six of the eight scheduled races. In addition, they were also unable to provide replacements.
Income from freight and hospitality was hit as a result, though race promotion revenue was not affected.
Furthermore, a reduction in races lowered F1's media rights revenue but this was offset in part by new subscriptions to online service F1 TV.
Stefano Domenicali, F1's chief executive, said: "Formula 1 is capitalising on our growth momentum and our fans are engaging with the sport across traditional, digital and social media platforms.
"We congratulate Red Bull on their record-breaking performance season-to-date, and are thrilled to see the gaps closing across the rest of the grid to produce exciting rivalries on track."
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F1 Standings
Drivers
- Charles Leclerc
- Carlos Sainz
- Lando Norris
- Oscar Piastri
- Pierre Gasly
- Esteban Ocon
- Sergio Pérez
- Max Verstappen
- Alexander Albon
- Logan Sargeant
- Lewis Hamilton
- George Russell
- Nico Hülkenberg
- Kevin Magnussen
- Fernando Alonso
- Lance Stroll
- Valtteri Bottas
- Zhou Guanyu
- Nyck De Vries
- Liam Lawson
- Daniel Ricciardo
- Yuki Tsunoda
Races
- Gulf Air Grand Prix of Bahrain 2023
- Saudi Arabian Grand Prix 2023
- Grand Prix of Australia 2023
- Grand Prix of China 2023
- Grand Prix of Azerbaijan 2023
- Miami Grand Prix 2023
- Qatar Airways Gran Premio Del Made In Italy E Dell'emilia Romagna 2023
- Grand Prix of Monaco 2023
- AWS Gran Premio de España 2023
- Grand Prix du Canada 2023
- Grand Prix of Austria 2023
- Aramco Grand Prix of Great Britain 2023
- Grand Prix of Hungary 2023
- Grand Prix of Belgium 2023
- Heineken Dutch Grand Prix 2023
- Grand Prix of Italy 2023
- Grand Prix of Singapore 2023
- Grand Prix of Japan 2023
- Qatar Grand Prix 2023
- Grand Prix of the United States 2023
- Gran Premio de la Ciudad de Mexico 2023
- Rolex Grande Prêmio de São Paulo 2023
- Heineken Silver Las Vegas Grand Prix 2023
- Grand Prix of Abu Dhabi 2023
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