Formula 1 extends financial recovery in second quarter

Formula 1 continued its financial recovery in the second quarter of 2021 in the wake of the global Covid-19 crisis.

Revenue for the three-month period clocked in at $501m, a number that cannot be compared to the same period for 2020 as no races were held in the second quarter last year.

However, relative to Q2 2019 - when Grand Prix racing enjoyed a normal schedule and generated $620m during the period - F1's revenue fell by $119m.

Looking at the sport's bottom line, F1 narrowed its operating loss from $136 million in Q2 2020 to $43 million this year.

While F1's competitors received no income in Q2 2020, the sport's ten teams shared $308m in the second quarter, a figure that was down from the $335m that was handed out in 2020.

"There were seven races held in the second quarter of 2021, compared to no races held in the second quarter of 2020 due to the COVID-19 pandemic," said F1 commercial rights holder Liberty Media.

"Fan attendance continues to be assessed by relevant government authorities on a race-by-race basis.

"A very limited number of fans were in attendance and there was no hospitality at races in the second quarter.

"While final decisions are pending for most upcoming events, fan capacity increased beginning in the third quarter and the hospitality resumed operations beginning with the Austrian Grand Prix on July 4.

"Primary F1 revenue increased in the second quarter with growth in race promotion, media rights and sponsorship fees.

"This was due to the recognition of race specific and season-based income with seven races held in the second quarter of 2021 compared to no races in the prior year period. Media rights fees also benefited from growth in F1 TV subscription revenue."

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Formula 1 chief executive Stefano Domenicali highlighted the sport's continued resilience in the face of the global pandemic.

"Formula 1 is having an incredible season and the drama on the track is resonating with fans worldwide," commented Domenicali.

"The battle for the Championship is intense and very close, evoking memories of some of the sport’s greatest rivalries of the past.

"We are seeing increasing numbers of fans tune in at home, and it is great to see the fans retuning to the races, with a sellout crowd at Silverstone of 356,000 across the weekend marking one of the largest fan events in the world since COVID.

"We were very pleased with the first Sprint event and look forward to the next one in Monza, and we continue to prove, despite the challenges presented by the pandemic, that we can adapt and find solutions for the remainder of the season."

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