The Chinese F1 race was postponed causing great financial loss for Liberty Media. Racing teams are also closely monitoring the epidemic situation in Vietnam, which will host the third stage this year in April.
The company that owns the F1 race in the world, Liberty Media, has just confirmed to Sportsmail that the ability to hold the Chinese race at another time this year is nearly impossible. And this will lead to losing more than $ 45 million in revenue from this race.
This amount includes the cost of the race of about $ 38.8 million, revenues from hotels of about $ 3.8 million and other commercial values depending on the events held around the race. Total estimated over 45 million USD.
According to Liberty Media for Sportsmail, the Chinese race in Shanghai on April 17-19 was delayed because of the outbreak of Coronavirus in the country. It is extremely difficult, even nearly impossible, to consider the date of reorganizing with 21 other races this season.
Racing teams have been scheduled to move throughout the season. Therefore, if the Chinese race is reorganized, it will cause the racing teams to move back to Asia and must add the cost of transporting equipment, racing cars, and manpower.
Thus, after deferring the race in China this season has almost been canceled, even though F1 world organizers always believe that they are closely monitoring the disease situation in China and considering upcoming rearrange the time to organize the race.
Sportsmail also said that the delay of the Chinese race immediately caused a huge financial loss to Liberty Media when the company’s total stock value listed on the NASDAQ stock market was over $ 11 billion. dropped by nearly 1%.
The third leg of this season is Vietnam GP which took place in Hanoi racetrack for the first time from April 3 to 5, although it was also affected by the Coronavirus epidemic but still under control.
Sportsmail also said that, if only for a small risk, any further races will be postponed this season, the F1 organizers will face a great crisis, in which the financial loss will be very serious.