LONDON (Dispatches) - The company traditionally attributes revenues to race dates, and no grand prix were held in the period as the schedule was turned upside. In 2019 seven races, or exactly a third of the season, took place in the second quarter.
The only income officially logged this year was from sponsorship that is not related to specific race dates.
After posting a profit of $14mn for April-June in 2019, after team payments, the tumble in revenue saw F1 post a loss of $136mn.
Significantly in its report, Liberty confirmed that the 10 F1 teams received no money in April-June 2020, noting that "There was no team payment expense recorded, since such payments are recognized on a pro-rata basis as races take place on the calendar.”
Although a decent level of income will be logged in July-September, thanks to 10 races being added to the schedule for the period, it will still be significantly less than last year.
It will include only TV broadcast fees and sponsorship. Income from race hosting fees has been wiped out with F1 actually paying circuits such as Silverstone to hold races.
Liberty noted: "Since there were no events held during the second quarter of 2020, revenue recognition was limited, with recognized primary F1 revenue in the period consisting only of the elements of sponsorship contracts associated with non-race related rights.