Liberty Media’s financial results revealed Formula 1 made a $386 million loss after the 2020 season was severely i𝄹mpacted by ꦑthe COVID-19 pandemic.

On Friday, Liberty Medꦓia’s financial summary for 2020 was released and revealed it had made a significant l🗹oss - 44% down on the previous year.

The COVID 🉐pandemic meant 🧸spectators were mostly unable to attend events, while the impacted calendar also affected revenue significantly.

As a result, overall revenue dropped from $2022m in 2019 to $1145m a year late༺r. Consequently, the to🤪tal amount of money paid to the teams was reduced to $711m in 2020 compared to $1012m a year prior.

While revenue was down, costs did decrease due to there being fewer rac꧟es and the schedule being more compa💜ct.

Explaining the reduced team payments, Liberty Media said: "Team payments decreased in the full year driven by the contraction in F1 revenue and the associated impact on the calcul🌺ation of variable elements of team payments. Team payments in 2020 included one-time fees paid to teams upon signing the 2021 Concorde Agreement."

One of F1’s biggest sources of revenue was promotion feeღs, which was down 18% in 2020.

Many races which were introduced as substitute races for the 2020 campaign did not need to pay a fee to host a grand prix or simply paid less than they would in a nor꧙mal 🦩season.

Liberty Media added: "Race promotion revenue decreased as fans were prohibited from attending all but three races, which led to one-time changes in the contractual terms of the originally scheduled races that remained on the 2020 calendar and limited revenue geဣnerated from the replacement races that were added."