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Sport Formula One revenues dropped by $877 million in 2020

21:18  26 february  2021
21:18  26 february  2021 Source:   reuters.com

The Formula 1 cars 2021 in pictures

 The Formula 1 cars 2021 in pictures © Red Bull Content Pool Pierre Gasly will take on the role of team leader alongside Yuki Tsunoda in Pierre Gasly will have a new role in the 2021 Formula 1 season. At the side of rookie Yuki Tsunoda, the Frenchman is now the clear team leader at AlphaTauri after the more experienced Daniil Kwjat left the team. However, the winner from Monza certainly dares to play this role. "Of course the arrival of Yuki means that I will have more responsibility on the team.

LONDON (Reuters) - Formula One's revenues took an $877 million hit last year, falling 43% as a result of the COVID-19 pandemic, owners Liberty Media reported on Friday.

Stefano Domenicali wearing glasses: Ferrari Formula One team principal Domenicali looks on during news conference at Wrooom, F1 and MotoGP Press Ski Meeting, Ducati and Ferrari's annual media gathering, in Madonna di Campiglio © Reuters/Max Rossi Ferrari Formula One team principal Domenicali looks on during news conference at Wrooom, F1 and MotoGP Press Ski Meeting, Ducati and Ferrari's annual media gathering, in Madonna di Campiglio

Revenues amounted to $1.145 billion compared to a previous $2.022 billion in a year that featured 17 races, mostly without spectators, and had highlight events such as Monaco and Singapore cancelled.

The previous year had 21 races and 22 had been planned for 2020 with 23 scheduled for 2021.

Pietro Fittipaldi also test and reserve driver for Haas team in 2021

 Pietro Fittipaldi also test and reserve driver for Haas team in 2021 © Motorsport Images Haas will keep Pietro Fittipaldi as Formula 1 test and reserve driver in 2021 Pietro Fittipaldi will remain official test and reserve driver at Haas . The Formula 1 team confirmed that on Friday. Last year the Brazilian contested his first two Grands Prix in Bahrain and Abu Dhabi after regular driver Romain Grosjean was unable to start due to a fire accident.

The sport reported an annual operating loss of $386 million, compared to a previous profit of $17 million, and the 10 teams shared $711 million -- $301 million less than the previous year and a drop of 30%.

Formula One's primary revenues are derived mostly from race promotion fees, broadcasting deals and advertising and sponsorship.

The revenues also provide a significant part of the budget for smaller teams.

"Due to the reduced number of races, the duration of the season and almost no fan attendance, unsurprisingly primary revenue declined," said new chief executive Stefano Domenicali.

He said his predecessor Chase Carey had, however, left strong foundations for future growth and the sport was well positioned with commercial partners.

Domenicali said all race promoters were clear that their events should go ahead as scheduled this year, and the sport had demonstrated in 2020 that it could race safely during the pandemic.

The new season starts in Bahrain on March 28.

(Reporting by Alan Baldwin, editing by Christian Radnedge)

Rast strong at the Formula E season opener .
The three-time DTM champion Rene Rast is well ahead at the Formula E season opener in Saudi Arabia. But it's not enough for the podium. © Provided by sport1.de Rast strong at Formula E season opener Three-time DTM champion Rene Rast (Audi) achieved a strong fourth place at the Formula E season opener in Diriyyah / Saudi Arabia.

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