Recently, Motorsport UK aired a few concerns about the coronavirus-hit 2020 season. In fact, chairman David Richards beseeched Liberty Media to thrown their support behind Formula 1 teams. He wanted to ensure that no F1 team falls in the clutches of bankruptcy. To be honest, the threat of going bankrupt is real because the COVID-19 has disrupted several economies.

What is particularly concerning is the fact that most F1 teams are based in the United Kingdom. The country itself is in lockdown, as is the international community.

Mercedes, Red Bull, McLaren, Renault, Racing Point, Williams and many key suppliers are based in the United Kingdom. However, Ferrari, Alfa Romeo and AlphaTauri are in a far more precarious place, Italy, which is one of the worst-affected countries.

So far, Australia is postponed for the time being, along with several other races. So the 2020 season is on ice until further notice. Already, half the season has been slashed, with no word on when it will resume.

Is finance really a problem in F1?

Admittedly, the top three or four teams are relatively well-off. However the remaining teams do not enjoy that luxury. One prime example is the Williams F1 team. They used to be one of F1’s heavy-hitters. Sadly, they are a mere shadow of their former selves and have been on a downward spiral.

Richards told Press Association, “A lot will depend on the way Formula 1 behaves throughout this. F1 cannot afford to lose teams at the back of the grid because that would be a disaster for them.

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“Bernie made sure that when there were tough times the smaller teams were looked after. I hope that Liberty see the common sense in that, too.”

The Briton noted that there will be motorsport companies who do not have the resources to get through this period. In other words, It is going to be a real challenge for the teams to stay afloat. In F1’s history, several teams have folded due to lack of finances, with the erstwhile Force India team being the latest.