Formula 1 teams are set to lose millions of dollars due to the COVID-19 pandemic effect on the season. The first raced of the 2020 season have been cancelled.
Even if the season resumes after normalcy is fully restored, at least five to six races cannot be rescheduled. Two are already cancelled. Such a scenario will result in a $100 million deficit for the teams, Red Bull racing advisor Helmut Marko has opined.
“It makes a lot of sense (to postpone the technical regulations till 2022). All teams are facing a loss of revenue. If five races are cancelled, $100 million will be lost. Now we have stable regulations. If we freeze that, the cost will drop enormously,” Motorlat.com has quoted Marko as saying. “The regulation changes will fall below the planned budget cap”, referring to the fact that the 2022 cars will be designed with all of the teams operating under 175m budgets, as also previously established.
The first six races of the of the 2020 F1 season –Bahrain, Vietnam, China, the Netherlands, Spain and Baku – have been deferred and two others – Australia and Monaco – are cancelled. Due to the rapidly changing circumstances, the team bosses, Liberty Media and FIA had decided to postpone the change in technical regulations that was supposed to take place with the season of 2021till the year after.
As the fans and the teams are awaiting for the 2020 season to begin, the later are taking a huge financial hit. Helmut Marko, the advisor of Red Bull Racing believes that the teams are about to lose “$100 million” if three additional races in 2020 will get cancelled.
There is still no possibility in sight to take a definite decision on the season.