Formula 1 posts record $386m loss for 2020 season
Formula 1 posted a huge loss in 2020 as the COVID pandemic impacted the calendar and races were run without spectators, according to Motorsport.com.
Liberty Media's full-year financial results, which were released on Friday, reveal that F1's income tumbled by 44% for a total loss of $386m - compared with the previous year.
Overall revenue crashed from $2022m in 2019 to $1145m last season, while the modest profit of $17m in 2019 turned into an operating loss of $386m after the teams were paid.
The total payments shared between the 10 teams fell from $1012m in 2019 to just $711m last year.
Liberty explained: "Team payments decreased in the full year driven by the contraction in F1 revenue and the associated impact on the calculation of variable elements of team payments.
"Team payments in 2020 included one-time fees paid to teams upon signing the 2021 Concorde Agreement."
The huge dive in race promotion fees was reflected in the fall in their percentage share of F1's primary revenue, down from 30% of the total in 2019 to just 12% last year. Most races either paid no fee, or a renegotiated one-off lower figure.