F1 owners keen on hosting 15 races to avoid £500 million loss in broadcast revenue: Report

Following the coronavirus outbreak, the F1 2020 season has come to a halt with races getting cancelled as a precautionary measure. In the recent development, the F1 is looking to hold a minimum 15-race season in order to save £500 million in TV deals. According to a report published in Mail Online, the owners of Formula 1, Liberty Media has announced they are targetting 18 rounds in the second half of the year. The report also mentions that the championship could even be extended to the start of 2021.

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Formula 1 calendar: How will the cancellation of season affect revenues? 

According to Mail Online, TV deals are important for Liberty Media, as Sky Sports along with other foreign broadcasters will only pay the full amount, which is believed to be £180 million annually, if the F1 season touches 15 races. The report mentions that if the race count is below 15, the fee will be much lesser. 

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F1 CEO Chase Carey, in an official statement, said that F1 recognises that there is significant potential for additional postponements. Nonetheless, F1 and their partners fully expect the season to start at some point this summer, with a revised calendar of 15-18 races.

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He furthur added that the season will extend beyond the original end date of November 29, with the actual sequence and schedule for races differing significantly from their original 2020 calendar. Chase Carey also said that it is not possible to provide a more specific calendar now due to the fluidity of the current situation but F1 expects to gain clearer insights on the situation in the coming month.

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Formula 1 calendar: Formula 1 races postponed

The current Formula 1 calendar witnessed the Australian GP cancelled after teams reported about staff affected due to coronavirus. Following the Australia GP cancellation, the other races in the Formula 1 calendar were also postponed. The Formula 1 races postponed due to coronavirus are the Bahrain GP (22 March), Vietnam GP (5th April) Dutch (May 3), Spanish GP (May 10) and the Monaco GP (May 24). The Azerbaijan Grand Prix, which was due on June 7, is the eighth amongst Formula 1 races postponed following the coronavirus pandemic spreading its tentacles around the world.