Loss of Chinese Grand Prix Is Much Severe to F1 Than Imagined

Formula One’s supervisors are confronting a potential £35million hole in their pockets. This comes in the wake of ‘postponing’ the Chinese Grand Prix in view of the coronavirus.

On Wednesday Liberty Media, the game’s proprietors confirmed that the April 19 race would be canceled. They have left open the chance to reschedule the Shanghai race. The odds of finding a substitution date on the pressed, presently 21-round schedule looks non-existent. Liberty will investigate every possibility to get it going. Yet secretly recognize the teams are probably not going to concede to the change and cost of a long, unfavorable outing to Asia.

Although, the debut Vietnam Grand Prix in Hanoi a fortnight prior remains steadfastly on regardless of the nation flanking China.

The impact of losing China, the fourth race of the period, was seen on the NASDAQ. F1 business fell by almost one percent, before revitalizing. In question is the race expense of some £30million, contingent upon the specific terms of the agreement, which legal advisors are probably going to battle about. The hospitality income, worth about £3m alone, and branding opportunities would both relinquish in case of the occasion being scratched.

Formula One said: “As a result of continued health concerns, the FIA and Formula One have taken these measures to ensure the health and safety of the traveling staff, championship participants and fans.”

“In view of the continued spread of novel coronavirus and after ongoing discussions with the Federation of Automobile and Motorcycle Sports of People’s Republic of China (CAMF) and Shanghai Administration of Sports, the Chinese Grand Prix Promoter, Juss Sports Group, has officially requested that the 2020 FIA Formula 1 Chinese Grand Prix be postponed,” the FIA statement read.

Future plans in place of Chinese Grand Prix

Imola has offered to have a Formula 1 round instead of April’s deferred Chinese Grand Prix. However, the circuit’s supervisor recognizes the offer could be “mission impossible”.

The circuit has moved toward the Automobile Club of Italy, about the chance of organizing a race.

Imola last facilitated a big showdown round under the San Marino Grand Prix name in 2006. Although, the administration has never surrendered its aspirations to bring F1 back.