The outbreak of the Covid-19 pandemic has caused a massive decline of $877 million in the Formula One’s revenue for the year 2020. The fall of nearly 43% was registered for the pandemic hit 2020.
As per Liberty Media the revenue stood at $1.145 billion as compared to the $2.022 billion in for the year 2019. The organisers were able to carry out 17 racing events out of the earlier planned 22, that too mostly without spectators while cancelling the highlight events like Monaco and Singapore.
The organisers reported the annual operational loss of $386 million, while the ten teams sharing the amount $711 million which is a drop of 30% as compared to the previous year.
Race promotion fees, sponsorships and broadcasting deals being the primary source of the Formula One’s event, the new chief executive Stefano Domenicali has praised the predecessor Chase Carey and is confident to bounce back with the start of the new season in Bahrain on March 28.