Formula 1 suffered record loss in 2020, according to Liberty Media annual figures

The coronavirus crisis has dealt with Formula 1 a serious blow. Partly due to the loss of ticket revenue and the postponement and cancellation of events, the sport suffered a record loss in 2020.

Despite the coronavirus, Formula 1 was able to complete a full season, but the impact was great. Liberty Media's annual figures report that revenues fell by 44 per cent compared to the previous year. Whereas in 2019 a profit of €14 million was still made, in 2020 the sport suffered a loss of €318 million.

Teams also suffer from lost revenues

The teams also suffered, according to Motorsport.com. "Payments to teams have decreased because Formula 1's revenue has an effect on the calculation of these amounts," Liberty Media explains. "At only three races could fans attend, which resulted in lower revenues from promoters."

The use of one-off contracts and replacement races brought revenue down even further. In addition, revenue from TV broadcasts was also down due to the revised 2020 calendar.