PARIS — Discussions to host Formula One races in July are at an advanced stage, although F1 chairman Chase Carey cautions that “the remote possibility of no racing in 2020″ remains.
The first 10 races of the season have been postponed or canceled amid the coronavirus pandemic, leading to a huge loss of revenue. The iconic Monaco Grand Prix was scrapped for the first time in 66 years.
Figures released by F1 owner Liberty Media showed first-quarter revenue of $39 million compared to $246 million for the same period last year. F1 has a debt of $2.9 billion, which has been offset by producing extra liquidity through internal transactions.
The financial hit is magnified because the season-opening Australian Grand Prix and the Bahrain GP were not held in March — meaning no commerce from tickets or revenue from broadcasting rights.