MX23RW : Sunday, April 5 06:58:23| >> :600:4053606:4053606:

F1 to lose China's $43m race fee - report

F1 to lose China's $43m race fee - report
© Reuters
Formula 1 looks set to take at least a $43 million hit due to the coronavirus crisis.

Formula 1 looks set to take at least a $43 million hit due to the coronavirus crisis.

Because Shanghai's scheduled April race has had to be postponed and probably cancelled due to 'force majeure', the promoter Juss Sports Group may be subject to a refund of the race fee it paid to Liberty Media.

Writing in the London business newspaper City A.M., F1 business journalist Christian Sylt said the sport's company documents state that cancellations "due to outbreak of disease" means F1 faces a "loss of revenue".

"If the cancellation of an event is due to a force majeure event, the race promoter is not required to pay Formula 1 the race promotion fee for that event," the documents add.

Also in doubt is nearby Vietnam's inaugural race, although it is believed organisers are delaying any decision about postponement in the hope that the situation improves.

To date, there have been over 70,000 confirmed coronavirus cases, and 1,874 confirmed deaths.

ID:390044:

Click here for more stories about Christian Sylt

Share this article now:
Robert Kubica pictured on September 19, 2019
Read Next:
Kubica not closing door on F1 return
>
Latest Sports Video
Did you know...?
Read more about Christian Sylt Formula 1

rhs 2.0
Live scores banner

Subscribe to our Newsletter


Transfer Talk Daily
Match previews - twice weekly
Morning Briefing (7am UTC)
Ultra close-up image of Kevin De Bruyne [NOT FOR USE IN ARTICLES]Get the latest transfer news, match previews and news direct to your inbox!