F1 boosts liquidity and advances payments to teams [Reuters]
Liberty Media Corporation - Series A Liberty SiriusXM (LSXMA)
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Source: Reuters
F1 boosts liquidity and advances payments to teams LONDON (Reuters) - Formula One’s commercial rights holder Liberty Media boosted the sport’s liquidity on Thursday and said some teams had received advance payments to help them through the COVID-19 crisis. Liberty announced in a statement it had re-attributed its stake in Live Nation Entertainment from the Formula One Group to its SiriusXM tracking stock, with $1.5 billion in net asset value going in each direction. Liberty Media president and CEO Greg Maffei told analysts on a conference call that the move was the most efficient way of putting cash into the business, with Formula One getting a net cash payment of $1.4 billion. Formula One’s season has yet to start, with nine races called off and the first round likely to be months away still. Meanwhile, some of the 10 teams, who depend largely on their share of the sport’s profits and sponsorship to go racing, are feeling financial stress with five of the seven British-based ones fur
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