Extra venues in contention for F1 races in 2020

Extra venues in contention for F1 races in 2020

The COVID-19 pandemic has forced the motorsports world to go on hold, with the first 10 rounds of the F1 season either cancelled or postponed.

His comments came on Thursday when Liberty Media, the company which owns F1, said it has incurred losses in excess of United States dollars 200 million in the first quarter of 2020.

The financial hit is magnified because the season-opening Australian Grand Prix and the Bahrain GP were not held in March - meaning no commerce from tickets or revenue from broadcasting rights.

'Less races means less prize money' was the clear message to come from Formula 1 CEO Chase Carey during a media conference call on Thursday afternoon.

"We are working with the FIA, local authorities and other experts to identify the steps and procedures necessary to safely transport everyone to each race location and to enable those individuals to operate and be housed in a safe and secure manner".

A budget cap of $145 million has also been agreed upon to curb spending. We feel increasingly positive about the number of locations that will be able and want to hold a race this year.

Several studies put that determine at $145 million however groups have but to agree - with McLaren pushing for a far decrease determine however Ferrari nervous that dropping to $145 million will closely impression its workforce.

This year's F1 auto models will also be kept for 2021, thereby saving on development costs.

The target remains to start the season by early July in Austria with plans to race consecutive weekends.

Carey also spoke about the possibility of Austria hosting back-to-back races in July to kickstart the season.

New venues which are reportedly being considered are Portimao in Portugal and Imola in Italy, once the long-time home of the San Marino Grand Prix.

"We're in discussion with all of our promoters, as well as some tracks that are now not on our 2020 calendar, to ensure we explore all options", Carey said.

A Liberty Media release said: "There was no team payment expense recorded since such payments are recognised on a pro-rata basis across races on the calendar".

The season could then continue later in the summer in Hungary, where the Hungaroring circuit is nestled in the countryside outside Budapest; and Belgium, whose Spa-Francorchamps track is within the Ardennes forest.

He said he believed it would be possible to have a championship of 15-18 races, and that the plan was for a series of European races through August and into September, before heading to Eurasia, Asia, the Americas and the Middle East, finishing on 13 December. If the restriction was still in place in July the current proposals of races in Austria followed immediately by Silverstone would be impossible. BBC reported that Carey is hopeful that the fans can attend the F1 racing events in the latter part of the year.

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