Will the “Formula 1” auto racing go bankrupt?

The experts increasingly express their concern about the fate of the “Queen of Motorsport”. A difficult situation, which many participants of the racing competitions previously did not pay attention to, might not only destroy individual teams, but also put an end to the championship as a whole. Russian motor racing expert Igor Yermilin believes that even after the pandemic, “Formula 1” will no longer be the same.

The similar position, apparently, was shared by Zack Brown, CEO of “McLaren Racing”. Previously, he voiced information that at least four teams are at the risk of leaving the competition due to the financial problems.  Zack Brown called this situation very fragile, since the relegation of three or more teams casts doubt on the very existence of the championship.

Many automobile concerns are already inclined to ensure that the participation in races of their teams is suspended. 

“The stables”, participating in the championship, lose their sponsors and revenues as the competition is postponed indefinitely.  It became known that the events were canceled or postponed until mid-June.  And although the preparations for the grand prix in Sochi (the events should be held in September 25-27) continue, the cancellation of races in Monaco, Australia, Vietnam, China and other countries affects the financial aspect of the issue.  The organizers themselves cannot say for sure, how many competitions will eventually be held this year.

Chase Carey, the executive director of “Formula 1”, reports that reduction of the total number of races to 15-18 races is inevitable. 

Many fans are turning their attention to the actions of Liberty Media, the company that owns “Formula”.  Criticism of the actions of the company, which canceled the competition in the Australian Melbourne due to the threat of the coronavirus at the last moment, was earlier heard from the former CEO of “Formula 1” Bernie Ecclestone. 

 Having gone into self-isolation in his ninetieth year of life, living on his farm near Sao Paulo (Brazil), Ecclestone believes that Liberty Media and the FIA   (International Automobile Federation) should have canceled the season as well. Despite this, Formula 1 should survive, says Ecclestone. After all, it depends on whether the current owner of it (Liberty Media, led by billionaire John Malone) wants to invest in racing, despite the negative situation.  Ecclestone compares the “Formula 1” racers with the astronauts, convincing everyone that people need heroes, especially in the difficult situations like the current one.