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F1 teams receive payments from Liberty Media amid coronavirus crisis

  • Published on 24 Apr 2020 09:44
  • 0
  • By: Fergal Walsh

Some Formula 1 teams have received payments in advance from the sport's commercial rights holder Liberty Media amid the ongoing coronavirus crisis.

There is ongoing concern from the teams over the impact the crisis could have on the sport's future, with teams in danger of falling off the grid as a consequence.

MORE: Coronavirus crisis exposing F1's unsustainable model - Williams

Most of the teams on the current grid rely on F1's income in order to be paid, however the opening nine races of the season have been called off.

As a means to protect their future, Liberty Media has sent advanced payments to certain teams.

Liberty Media president and CEO Greg Maffei told Autosport: "We have advanced money in advance of team payments for certain teams already. There are cases where we may do more of that; there are other things that we might do to bridge teams that might need help.

"We want to make sure that teams are solvent because they are part of what we need to race successfully in 2020, 2021, and beyond.”

F1 is currently assessing when it can begin the 2020 season, with races behind closed doors looking increasingly likely.

Maffei said that it is difficult to find a way to please fans by getting racing underway as soon as possible, while also ensuring that no teams fall of the grid due to limited income.

"If you run races with no live audience, we'll obviously have lower profitability, maybe even no profitability.

"You're asking what it takes to get that going, it's not only when we are allowed by the authorities, and in what format with a TV race only or a fan race, but also how does it work for the teams?

"How do we do something that is beneficial for fans, but also doesn't have the teams bankrupting themselves by conducted no profit, or loss, races?

"We're not encouraging using our cash in an unwise fashion, but we're trying to balance the operating business and its current results against the operating results of our partners in the form of the teams, who do incur large costs."

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SELECT k0_.KeywordId AS KeywordId_0, k0_.Keyword AS Keyword_1, k0_.RewriteUrl AS RewriteUrl_2, k0_.Category AS Category_3, k0_.CommentCount AS CommentCount_4, k0_.ParentId AS ParentId_5 FROM Keywords k0_ INNER JOIN keyword_combinations k1_ ON (k1_.keywordID = k0_.KeywordId) WHERE k1_.nieuwsID = ?
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SELECT c0_.ContentLanguage AS ContentLanguage_0 FROM ContentLanguageMapping c0_ WHERE (c0_.ContentType = ? AND c0_.ContentSubType IN (?) AND c0_.SiteLanguage = ?) AND (c0_.SiteId IN ('1'))
["Articles",["Nieuws","LiveRaceReport","Liveblog"],"en"]
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SELECT a0_.ArticleId AS ArticleId_0, a0_.RewriteUrl AS RewriteUrl_1, a0_.Title AS Title_2, a0_.SeoDescription AS SeoDescription_3, a0_.SeoTitle AS SeoTitle_4, a0_.coAuthor AS coAuthor_5, a0_.Icon AS Icon_6, a0_.Category AS Category_7, a0_.Content AS Content_8, a0_.PublishDate AS PublishDate_9, a0_.CreateDate AS CreateDate_10, a0_.CreateTime AS CreateTime_11, a0_.CommentType AS CommentType_12, a0_.AllowNewComments AS AllowNewComments_13, a0_.cntnlang AS cntnlang_14, a0_.LastUpdateDate AS LastUpdateDate_15, a0_.ArticleType AS ArticleType_16, a0_.CommentCount AS CommentCount_17, a0_.Activated AS Activated_18, a0_.StickyUntil AS StickyUntil_19, a0_.ViewCount AS ViewCount_20, a0_.PushEnabled AS PushEnabled_21, a0_.PushTitle AS PushTitle_22, a0_.PushMessage AS PushMessage_23, a0_.breaking AS breaking_24, a0_.breaking_title AS breaking_title_25, a0_.TestMode AS TestMode_26, r1_.RacingSerieId AS RacingSerieId_27, r1_.RewriteUrl AS RewriteUrl_28, r1_.IsDefault AS IsDefault_29, r2_.RacingSeriesTranslationId AS RacingSeriesTranslationId_30, r2_.LanguageCode AS LanguageCode_31, r2_.ShortName AS ShortName_32, r2_.LongName AS LongName_33, a0_.SiteId AS SiteId_34, a0_.RaceTrackHistoryId AS RaceTrackHistoryId_35, a0_.RacingSerieId AS RacingSerieId_36, a0_.PhotoAlbumId AS PhotoAlbumId_37, a0_.CmsAccountId AS CmsAccountId_38, a0_.PollId AS PollId_39, a0_.RaceSessionId AS RaceSessionId_40, r1_.SiteId AS SiteId_41, r1_.CountryIso AS CountryIso_42, r2_.RacingSerieId AS RacingSerieId_43 FROM Articles a0_ INNER JOIN RacingSeries r1_ ON a0_.RacingSerieId = r1_.RacingSerieId AND (r1_.SiteId IN ('1')) INNER JOIN RacingSeriesTranslations r2_ ON r1_.RacingSerieId = r2_.RacingSerieId AND (r2_.LanguageCode = 'en') WHERE (((((a0_.cntnlang IN (?) AND a0_.SiteId IN (?)) AND a0_.Activated = ?) AND a0_.PublishDate < ?) AND a0_.ArticleType IN (?)) AND a0_.RacingSerieId = ?) AND (a0_.SiteId IN ('1')) ORDER BY a0_.PublishDate DESC LIMIT 4
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