Chae Carey, Formula 1 Chairman, admitted to reports suggesting cancellation of 2020 season.
Carey admitted that F1 owners have discussed and are working on “the remote possibility of no racing in 2020”.
The discussions, involved different investors, revolved around the loses that incurred. F1 registered losses due to cancellation and postponement of races.
Now owners are deliberating on financial affects of season cancellation.
But he added: “We are increasingly confident – although there are no guarantees – that we will have a 2020 championship season.”
Covid-19 has hit F1 revenues severely this year. Reports suggested a decline of 84% in income during first quarter of 2020.
Liberty Media Owner revealed that Formula 1 First Quarter 2020 numbers declined from $246m (£199m) in first quarter 2019 to $39m (£31.6m).
The numbers does not include the revenues generated through called off races in Australia and Bahrain. Additionally, there is no mention of broadcasting rights revenues.
Carey expressed on the results of first quarter and admitted to the corona-virus crisis effects on the sport. He admitted to “a significant impact on F1 and we are adjusting in numerous ways”.
Carey : Austria on Target
Released revenues pointed to F1 troubles this year. It emphasis on the need of season for the owners this year.
Carey also added that the top priority for F1 still remains to resume the season in Austria. They are targeting to have second race at Red Bull Ring.
He believed that F1 still have chances of conducting 15-18 races for this season.
“We expect the European races to be without fans,” Carey said.
“We are making good headway on having races that can be secure and safe for everyone,” he said.
Carey added: “We hope to be able to allow fans to attend in the latter part of the year”
He added: “Increasingly positive about the number of locations that will be able and want to host a race this year”.
Liberty Media Group reportedly provided F1 with an extra $1.4bn to cater financial effects of the coronavirus crisis.
Carey said: “We expect the impact of the coronavirus on the wider world will continue.
“But we feel well positioned to return to the growth curve we were on a few months ago.”
