Berlin – Formula 1 is fighting total loss. In the Corona crisis, the future of racing is completely open, some teams have to fear for their existence.
Austerity measures and an emergency calendar are supposed to save the racing series, but the timing of a restart is moving further and further away.
What is the situation with the teams?
The forced vacation is extended to five weeks and must be taken by each team by the end of May. During this time it is not allowed to work on the cars in the racing factories. The three English teams McLaren, Williams and Racing Point have sent many employees on forced leave at government expense, Haas will probably follow. At the same time, the seven racing teams based in England offered help with the manufacture and delivery of breathing apparatus. The world champion team provides manufacturers with a design developed by Mercedes engineers for breathing aids free of charge.
What are the drivers doing now?
Defending champion Lewis Hamilton indicated that he was using his unwanted free time to work on himself “physically and emotionally”. His long-time rival Sebastian Vettel greeted in a Ferrari video from the couch at home, and Red Bull young star Max Verstappen is currently keeping fit in the home office. He trains a lot on his own simulator, said the Dutchman. At Verstappen, as with many of his colleagues, virtual racing is part of the pastime. Vettel’s Ferrari colleague Charles Leclerc recently won the Australian Online Grand Prix.
What are the plans for restarting the season?
Formula 1 boss Chase Carey hopes to save 15 to 18 of the 22 World Cup races planned. The calendar has to be heavily modified for this. Ghost races without spectators are tested in order to at least bring in the millions of television and sponsors linked to the racing business. Shortened appearances and several Grand Prix on one track are also discussed. In Silverstone, for a change, you could also drive in the opposite direction than usual. But the date for the new beginning is completely unclear. All races have been canceled or postponed until mid-June. Mercedes team boss Toto Wolff recently even spoke of a start only “in autumn”.
How big is the economic damage?
Formula 1 is a billion-dollar business. Owner Liberty Media reported $ 2.02 billion in revenue from the full-throttle circus last year. But without a race, the donations of TV rights holders and other donors are at stake. The high entry fees that have to be paid by the route operators also do not flow. A standstill is also detrimental to the marketing of the Formula 1 global business model. The pictures from a glittering world that the PS spectacle produces between March and December are currently missing.
How threatening will it be for the racing series?
McLaren CEO Zak Brown warned that Formula 1 is currently in a “very fragile state”. If crisis management fails now, “four teams could disappear,” the 48-year-old told the BBC. Smaller private racing teams like Williams in particular must fear for their survival. But the group teams at the top are under more cost pressure than ever. On the Formula 1 playground, companies like Daimler could use the red pencil because of the consequences of the corona pandemic. The operating company of Formula 1 is also in need. She has to pay out the prize money for 2019, but currently has noticeably lower income.
Which measures should help?
In addition to the compulsory vacation at the expense of the British taxpayer and a waiver of wages from a number of pilots and top managers, further cuts have already been decided. The new set of rules, which should create more competition with somewhat slower and simplified cars, has been postponed to 2022 by one year. For the time being, this should save development costs. In addition, the spending limit agreed for next year is to be set even lower than originally planned. Instead of 175 million US dollars (161 million euros), it could drop in several stages to 120 million dollars (110 million euros), the specialist magazine “Auto, Motor und Sport” reported. The next crisis round of Formula 1 leaders is planned for Good Friday.
