Liberty Media boosts Formula 1 by $1.4bn lifeline

Formula One's owner Liberty Media has handed the global motorsport series a US$1.4 billion lifeline, according to foreign media.

"The new Formula One Group now has a strengthened balance sheet that positions us to support and enhance the Formula 1 business while also being opportunistic during these challenging times," Liberty Media President and CEO Greg Maffei said on a conference call with analysts.

Maffei added that some, but not all, F1 teams have received advanced payments to help them deal with the current loss in revenue.

It is hoped that Liberty's transaction should provide security for Formula One and its teams, with the US firm saying funds will be used in the event of a continued season delay.

Formula One is yet to begin its 2020 season, set to start in March, with the nine opening races postponed or canceled due to the coronavirus pandemic.

The start of the F1 2020 season has been postponed due to the coronavirus pandemic. Earlier, the Formula 1 also delayed the Grand Prix of Azerbaijan, Bahrain, Vietnam, China, the Netherlands, Spain, and Canada and canceled the rounds of Australian and Monaco Grand Prix. The Azerbaijani Grand Prix was scheduled for June 5-7.