Formula 1 has posted huge losses for the year 2020, demonstrating yet again how big of an impact COVID-19 continues to have on elite sport globally. Without spectators for almost every race of the 2020 F1 season, losses totaled at $386 million, while Liberty Media's full-year financial results, published on Friday, revealed F1's income tumbled by 44 percent compared with the previous year. Overall, revenue dropped from $2022m in 2019 to $1145m last year, meaning that the total payments shared between 10 F1 teams fell from $1012m to just $711m in 2020. "Team payments decreased in the full year driven by the contraction in F1 revenue and the associated impact on the calculation of variable elements of team payments", Liberty explained in a statement. "Team payments in 2020 included one-time fees paid to teams upon signing the 2021 Concorde Agreement." The one ray of light for the sport throughout one of its rockiest ever periods was the broadcast revenue, which accounted for a bigger percentage of primary income - for obvious reasons. The fact that F1 managed to fill the minimum requirement of 15 total races ensured that most broadcasters paid the full contracted amount for the season. In addition, F1's costs were also down fairly significantly compared to previous years, with the number of races - and most notably flyaway races - reduced in 2020.
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