Formula One may have to return £200m in fees after races were called off due to the coronavirus

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Formula One may have to return around £200m in fees after races were called off due to the coronavirus crisis

By Christian Sylt For The Daily Mail

Published: | Updated:

Formula One may have to return around £200m in fees after races were called off due to the virus crisis. 

The business, owned by Nasdaq-listed Liberty Media, has been in limbo since the season-opener in Australia last month was halted after a member of the McLaren team tested positive for Covid-19. 

It then scrapped all races scheduled until the middle of June. The average fee to host an F1 event last year was £22.8m, but the rate for six of the races that have been cancelled in far-flung locations – including Bahrain and Azerbaijan – was 33 per cent higher. 

Driven to distraction: F1 has been in limbo since the first race of the season was halted after a member of the McLaren team tested positive for Covid-19

It means a total of £181.9m may need to be returned to race promoters, while corporate hospitality ticket buyers will also be refunded around £24m. 

F1 chief executive Chase Carey has not said exactly when he hopes to resume races except that it will be ‘at some point this summer’. 

In February he warned that if races were not held ‘we would not receive the promotion revenue’ and if that went on for the entire season the company may need to draw on its debt facility. 

Liberty Media did not respond to a request for comment.

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