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Coronavirus, increasingly distant departure for Formula 1

2020-04-07T18:06:30.258Z


The health emergency erodes budgets. Integration to Liberty (ANSA)


The ignition of Formula 1 engines goes further and further away. The Circus of the single-seaters has enormous running costs and without the money of the organizers, television rights and sponsors, it is rapidly drying up the resources set aside in 2019. So far, the first eight races have been lost on the road, with Australia and Montecarlo definitively canceled . Canada's first surviving stop (June 14), but Renault's Daniel Ricciardo said he was skeptical about the start in Montreal, where three music festivals scheduled for that month have already been canceled.

Chase Carey, CEO of Liberty Media - the company that owns the F1 rights - has anticipated that there is "high probability" of further postponements. At the moment, the goal is to play between 15 and 18 games. Three stables (McLaren, Williams and Racing Point) have announced staff reductions and driver salary cuts. Liberty itself has put about half of its staff into cassaintegration, while for managers a cut in the pay packet of at least 20% will arrive.

In the meeting held yesterday between the team, Liberty and Fia, an agreement was sought on the further reduction of the budget cap, currently at 175 million dollars, bringing it to 150. A prospect that would have found the resistance of Ferrari, Mercedes and Red Bull, stables that most invest in research and development. The proposal to further postpone, from 2022 to 2023, the introduction of the technical regulation scheduled for 2021 was also rejected.

Source: ansa

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