PARIS: Discussions to host Formula One races in July are at an advanced stage, although F1 chairman Chase Carey cautions that “the remote possibility of no racing in 2020” remains.
The first 10 races of the season have been postponed or canceled amid the coronavirus pandemic, leading to a huge loss of revenue. The iconic Monaco Grand Prix was scrapped for the first time in 66 years.
Figures released by F1 owner Liberty Media showed first quarter revenue of $39 million compared to $246 million for the same period last year. F1 has a debt of $2.9 billion, which has been offset by producing extra liquidity through internal transactions.
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.
“We’re actively engaged with lenders of a revolving credit facility,” Carey said during a conference call Thursday with investors. “They’ve been very supportive as we work together to identify potential changes ... to enable us to navigate through the potential scenarios, including the remote possibility of no racing in 2020.”
Carey said F1 has furloughed over 50 percent of its workforce, while teams are working together to further reduce F1’s budget cap. The cap for teams was already slashed to $175 million for 2021.
“We now expect to move forward with a significantly lower cap,” for next year, Carey said.
Several reports put that figure at $145 million but teams have yet to agree — with McLaren pushing for a far lower figure but Ferrari worried that dropping to $145 million will heavily impact its workforce.
This year’s F1 car models will also be kept for 2021, thereby saving on development costs.
To gain lost racing time, F1 has already extended its factory shutdown period from 35 to 63 days, effectively allowing the season to run continuously as from July.
If it starts.
“Our goal is to launch our season on the weekend of July fourth and fifth in Austria and it is likely that we race the weekend of July 11th and 12th in Austria as well,” Carey said. “We’re in the advance stages of putting together a schedule of additional European races through early September.”
To maximize the European swing, F1 is envisaging holding races at tracks not currently on the calendar. Among those reportedly being considered are Hockenheim in Germany — where the soccer season is resuming — the Imola track in Italy and Portugal’s circuit in Portimao.
“We’re in discussion with all of our promoters, as well as some tracks that are currently not on our 2020 calendar, to ensure we explore all options,” Carey said. “We have two primary challenges: Identifying locations where we can hold the race, and determining how we transport all necessary parties and their equipment to that location.”
The British GP could possibly follow Austria on July 19, with back-to-back races at Silverstone.
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.
F1 chairman evokes ‘remote’ possibility of no races in 2020
https://arab.news/cjc2f
F1 chairman evokes ‘remote’ possibility of no races in 2020
- To maximize the European swing, F1 is envisaging holding races at tracks not currently on the calendar
Guardiola hails Man City’s ‘massive’ win over Newcastle
- Guardiola’s second-placed side closed the gap on leaders Arsenal to just two points with their tense victory at the Etihad Stadium
MANCHESTER, United Kingdom: Pep Guardiola labelled Manchester City’s 2-1 win over Newcastle on Saturday as a “massive” moment in the Premier League title race.
Guardiola’s second-placed side closed the gap on leaders Arsenal to just two points with their tense victory at the Etihad Stadium.
Nico O’Reilly put City ahead in the first half and restored the lead before half-time after Lewis Hall had equalized.
City weren’t at their best in the second half, but they held on to pile pressure on spluttering Arsenal, who travel to Tottenham for the north London derby on Sunday.
Guardiola knew it was essential to make Arsenal sweat.
“Massive. Newcastle is an incredible team, awesome in physicality and speed they have up front. Physicality in the middle. Really tough but the team was unbelievable,” he said.
“It’s coming in best part of the season. Every single game will be similar to today.”
After finishing without a trophy last season, City are back in the hunt for the seventh English title of Guardiola’s reign.
They will have a game in hand on Arsenal after this weekend and are guaranteed to win the title if they win their last 11 league matches.
Guardiola has embarked on an expensive overhaul of City’s squad in the last 12 months, shedding aging stars like Kevin De Bruyne, Ederson and Kyle Walker and bringing in the likes of Marc Guehi, Antoine Semenyo and Rayan Cherki.
The Spaniard is well aware that his new generation largely lacks the experience of winning under the pressure of a title race, which made their gritty success against Newcastle even more meaningful.
“70 percent of the players have never been in that situation, and I don’t play. So we have to live it, they know that every game will be like this,” he said.
“Especially at home, with five home games left. Today was the best crowd of the year, it was unbelievable with our people, really proud to be manager of these incredible people and fans.
“Of course in terms of points it’s important, but we have to improve to have chance to compete until the end. Now we deserve three more days off. Then another battle in Leeds.”
Guardiola singled out O’Reilly for praise after the young England midfielder’s pair of clinical finishes showed he won’t be affected by the strain of chasing Arsenal.
“Nico give us in the middle that physicality that we need. He now plays in his position,” he said.
“He has always played that, he is so complete and so young. I am really pleased the academy produced these incredible players, Nico, Phil (Foden), Rico (Lewis).”
