The spread of COVID-19 has required Formula One to be postponed. There is the likelihood that the season will be deserted if racing doesn’t continue by October. Indeed, even a decreased schedule would speak to a critical loss of profit for the game. The game makes due on income from race expenses, broadcast rights, and sponsorship contracts. So as to manage the budgetary effect of the coronavirus, all groups have shut their industrial facilities. A few, including McLaren F1, have utilized employment security plans, for example, the U.K. government’s leave of absence arrangement.
Mclaren F1 group chief Andreas Seidl talks about the money related issues groups are having and the intense choice which F1 needs to make for the beginning of the season.
When Asked if F1 may have the option to come back to racing, Seild said it was anything but a clear choice. He believes the game ought to be careful about attempting to surge the choice before it is viewed as socially acceptable to hold huge gaming events.
The F1 is thinking about various alternatives to begin the season. It comes after the initial nine races were canceled/postponed as a result of the coronavirus emergency.
Seidl says: “There is a big desire from the public that sporting events happen again. Even if it is just on TV.
“But there are a lot of different aspects that need to be considered.”
F1 says it wants a season of up to 18 or 19 races sooner or later in the summer. Yet Seidl accentuated that the game can possibly start when the wellbeing circumstance permits and that it can’t be rushed.
“The most important thing is to protect our people. So definitely we can’t go back until we know our people are safe,” Seidl says.
“It is important we only go back racing once we also have certainty that when it comes down to protective equipment (for medical staff), the number of tests for people, that this is all in place and available for the people who need it and we are not burning these tests just to go back racing.”
He further says that it all depends on the guidelines of the home country and promoters’ guidelines. The German also says that the financial impact of the COVID-19 acts as a wake-up call for the already unhealthy F1.
Seidl says it is the correct progression in deferring a significant guideline change by a year to 2022. F1 is also constraining teams to run the current year’s vehicles again in 2021, among different subtleties.
What’s more, he said it was significant that the game currently conceded to a lower budget cap from 2021.
Teams and F1 managers have as of now casually dedicated to bringing down the figure from $175mn which is at present revered in the 2021 guidelines to $150mn, and McLaren F1 is pushing for it to be even lower.
Seidl said: “We would like to see the budget cap as low as possible. We have put out the number of $100m, which is something we would be in favour of, but we understand it invites a lot of different teams with different sizes.”