Formula One faces financial crisis as stock plummets by $1 billion

  • Tom Kelly

With the potential spread of coronavirus forcing the suspension or outright cancellation of sports across the world, it’s a pretty grim period for the world of sport as a whole.

However, it appears that Formula One has been hit harder than most. 

It’s been recently announced that Formula 1 Group’s stock price has plummeted by over $1 billion since it was revealed that a McLaren team member had been tested positive for coronavirus. 

Formula 1 stocks, which is referred to as FWONK, is at its lowest since 2016 and it’s only expected to get worse for the sport. 

The F1 season was set to race away from the grid on March 15, however, the curtain opener in Melbourne was postponed due to increased fears – largely attributed to the presence of coronavirus in the McLaren garage. 

However, originally, the Bahrain Grand Prix was set to race behind closed doors, but has since been postponed alongside the Vietnam GP, which would have been the first time that F1 had ever visited the country. 

The Dutch Grand Prix is set to get underway at the beginning of May, however, it is highly unlikely that this will actually go ahead and the Barcelona GP, set to race a week later, is also a major doubt with Spain currently in lockdown.

With an attempt of bringing a new audience to F1, a documentary-series called Drive to Survive has been launched on Netflix which has highlighted the success and drama of F1 over the previous two years.

Formula One chiefs were undoubtedly hoping for a spiked interest as the series two documentary was released prior to this season, but now it seems like there will be no races for people to get invested in. 

However, with eyes glued to the Melbourne race, the coronavirus pandemic has forced a double-waved yellow flag and has certainly had a detrimental effect on the sport. Undoubtedly, the hierarchy of the F1 will be hoping to continue the season as soon as possible. 

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