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COVID-19 disrupted 2020 Formula 1 season costs $386 million

2020 will be remembered as the season when a UIM F1H2O World Championship wasn’t held due to the global health crisis, however Formula 1 did run 18 races although it has cost the motorsport series’ rights holder, Liberty Media.

Liberty’s revenue fell from $2022m in 2019 to $1145m last season, while the profit of $17m in 2019 crashed to an operating loss of $386 million.

In a press release, Liberty Media explained:

Race promotion revenue decreased as fans were prohibited from attending all but three races, which led to one-time changes in the contractual terms of the originally scheduled races that remained on the 2020 calendar and limited revenue generated from the replacement races that were added.

Broadcast revenue decreased as the altered schedule triggered lower fees pursuant to the contractual terms of certain broadcast agreements, as well as other one-time contract negotiations that took place in 2020.

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