Substantial fin🧔ancial loses suffered b♏y the Formula One Group amid the COVID-19 crisis have been revealed by Liberty Media. 

The 🦂imp𝓡act of no races occurring as a result of the coronavirus pandemic have shown the full extent of how hard the crisis has hit F1, after Liberty Media released its financial results for Q1 on Thursday.

Across the months of January, February and March income crashed from $246million at the same stage in 2019 to just $39 million this year, a total dro꧙p of 84%.

During that period races in Australia and Bahrain were scheduled to take place before they were called off, though no race fees or broadcast fees have been 🧔recognised🐎 for Q1.

Meanwhile, primary revenue - which include♉s race fees, broadcast contracts and sponsorship - plummeted from $198m to $13m.

Liberty Media noted: “Since there were no events held during the first quarter of 2020, pr𝕴imary F1 revenue consisted only of the elemeꩲnts of sponsorship contracts associated with non-race related rights that were recognised during the period, and no race promotion fees nor broadcasting fees were recognised.

"Similarly, other F1 revenue decreased due to zero revenue r🐟ecognised from the Paddock C💖lub and other event-based activities and television production activities. We currently expect no races to take place in the second quarter of 2020.”

No races are set to take place between April and June, which covers Q2, though a number o�𒁏�f cost-cutting measures, including furloughing UK-based staff were not implemented until April, meaning they will not be felt until the second quarter.

F1 is hoping to stage up to 18 rounds before the end of the year and plans to kick off the season with a series of behind closed door 🏅European rounds🐲 beginning in Austria on July 3-5.

No payments have been made to teams but its operating costs fell year-on-year from $52m to $43m. Last yꦯear teams were paid $93 during the same Q1 period.

Liberty Media continued: "There was no team pay🔥ment expense recorded since such payments are r🌃ecognised on a pro-rata basis across races on the calendar. Other cost of F1 revenue is largely variable in nature and relates directly to revenue opportunities.

"These costs decreased primarily due to no races taking place and the deferral of non-critical expenses. Certain costs were incurred during the 🃏first quarter in anticipation of the start of the 2020 race season, including freight, travel and technical costs relating to the Australian Grand 𝔉Prix, which was cancelled on the eve of the event.

"F1 implemented certain cost💎 cutting measures, including salary reductions and UK government-supported furloughs affecting approximately 50% of its employee base, effective April 3, 2020, which did not impact first quarter results but will impact the 💎second quarter."