Formula One given $1.42 billion cash bailout as owners race to rescue crisis-hit teams

news of Formula One cash bailout was trending on social media as American conglomerate Liberty Media provided substantial financial support to F1 in a time of crisis. According to reports,  Formula One cash bailout amounts to a staggering $1.42 billion as financial aid for teams and race promoters that have been deeply affected by coronavirus outbreak. coronavirus pandemic has wreaked havoc on sporting events all across globe causing massive Formula One financial losses in process.

ALSO READ: Red Bull's Horner Says F1 Owners Would Bail Out Struggling Teams

Formula One cash bailout: Formula One financial losses

Formula One anunced suspension of season at least until summer. However, with cancellation of F1 races, teams have furloughed hundreds of staff members due to cash flow drying up. Despite F1 races, Formula One would still have to pay off ir loans, fund teams as well as race promoters to keep sport at bay from a total collapse. Due to lack of revenue from F1 races Formula One financial losses were stretched to a maximum. 

ALSO READ: Ferrari Denies Quitting F1 Rumours By Slamming British Newspaper For Misleading Headline

Formula One cash bailout: $1.42 billion aid for Formula One financial losses

 $1.42 billion injection of cash termed as 'Formula One cash bailout' comes as a massive boost for F1 to save future and teams of sport. monetary aid comes from multi-business industry Liberty Media, who also own F1. It is reported by Daily Mirror that Liberty Media transferred one of ir businesses away from Formula One Group into a different stock to provide Formula One cash bailout. $1.42 billion Formula One cash bailout could go a long way in mitigating  Formula one financial losses and also restore faith in future of sport.

ALSO READ: Dana White Proclaims Himself A Patriots Fan Since Day 1 With Childhood Picture

Formula One cash bailout: Liberty Media planned for zero races this year

coronavirus pandemic has halted nearly all sports across globe and almost laid waste to Formula One entirely until inflow of cash from Liberty Media. Liberty chief Greg Maffei revealed that company had planned for event of F1 races during entire year despite F1 chief Chase Carey working towards 15 and 18 races as an optimistic figure. Even if F1 action does take place later this year, Formula One is likely to host events behind closed doors to prevent a second wave of outbreak.

ALSO READ: Lewis Hamilton Excites Fans With Upcoming F1 ESports Debut Teaser On Instagram