Report: F1 loses over $200M in 2020 Q1 due to pandemic

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Formula 1 owner Liberty Media announced Thursday that the Formula One Group, which runs F1, saw a revenue reduction of 84% in Q1 of 2020 in comparison to Q1 of 2019, according to Phillip Horton of Motorsport Week.

The group reportedly took in $39 million between January, February, and March of this year - a massive drop from the $246 million during the same period last year.

F1 didn't register any race or broadcast fees in Q1 because of the ongoing coronavirus pandemic. No races have been given the green light to take place from April through June in Q2.

Liberty Media also said that cost-cutting measures like salary reductions and furloughing won't show up until Q2 results are published in July, reports Horton.