Covid-19/Formula One: advance payments for certain teams in financial difficulty

"(We have already) advanced prize money to certain Formula 1 teams already (because of the Covid-19 crisis). There are cases where we may do more of that. There are other things that we might do to bridge teams that might need help. (We will) make sure that teams are solvent because they are part of what we need to race successfully in 2020, 2021, and beyond," said Greg Maffei, president and CEO of Liberty Media Corporation, on 23/04/2020.

Thanks to this measure from the American communications, media and entertainment group, Formula 1 and its stables should receive a payment of $1.4bn (€1.3bn), a payment made possible by exchanges and reallocations of activities between Formula One Group and Liberty SiriusXM Group, both subsidiaries of Liberty Media. "The new Formula One Group now has a strengthened balance sheet that positions us to support and enhance the Formula 1 business while also being opportunistic during these challenging times," added Greg Maffei.

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