JP Morgan Bank was informed by the management of Formula 1 that series may violate the terms of the loan in the amount of $ 2.9 billion due to the reduction of the calendar, reports The Telegraph. According to the source, operating profit Formula 1 should be more than $ 303 million last year Formula 1 was able to earn $ 482 million, but by reducing the calendar due to the pandemic in the fashion industry, this amount can be greatly reduced.
In case of violation of the terms of the loan Liberty Media will have to save the situation at the expense of their assets.
Recall that the start of the season in Formula 1 was postponed last weekend, literally two hours before the start of the first free practice of Grand Prix of Australia. The reason pandemic coronavirus. Later it became known about the cancellation of the stages in Bahrain and Vietnam. Before that it was the postponed race in China. Soon Formula 1 announced the postponement of the stages in the Netherlands and Spain to cancel the race in Monaco. On 23 March it became known about the transfer of the stage in Azerbaijan.