Liberty Media want to ensure that Formula 1 survives and returns to normal for 2021, but they won’t “hand out candy”.
The series’ owners are facing a challenge of the likes never seen before to piece together a new schedule for 2020, while also ensuring that none of the 10 teams go out of business due to the loss of revenue with all racing currently on hold.
Some teams it has been suggested will need more help to make it through these challenging times than others, but Formula 1 CEO Chase Carey said such talks haven’t happened yet.
“We’re not going to have the results we’re going to have when we started the year, or expected to have,” he is quoted by Motorsportweek.com.
“We expect teams to be taking the right initiatives to get them through it. Priority one in many ways is when we get to 2021 is to have the sport back on the track it was on at the beginning of the year for 2021, that’s our goal, what we’re committed to get to, manage through this year as best as possible.
“There’s been speculation at this point as to what degree to do we need to help support select teams, we care about the teams, but those are not discussions we’ve had to date.
The biggest financial threats to Liberty are the loss of fees paid by the race promoters, as well as the sponsorship money from Formula 1’s six primary partners.
But since these are “long-term relationships” Carey expects deals to be reached, but warned that Liberty won’t “hand out candy to everybody”.
“At the end of the day these are long-term relationships, most of our sponsors are long-term, and we’ll sit down to work a path forward,” he said.
“We want them to feel good about what we do but equally we have an obligation to deliver a certain value and if we deliver it we expect to receive a value for it, but we will approach as partners.
“What we’re managing through is a short one-time event for us, we think the strength in this sport, the interest we’ve got, whether from fans or partners, will enable us to get back there [to where the sport was at the end of 2019].
“We will certainly expect to get fair value this year, we’re not going to play hard ball [but] whether it is the teams, promoters or sponsors, we’re not going to be handing out candy to everybody.
“We’re going to expect to be treated fairly but we’re going to deal with it as adults, with the expectation that 2021 is going to look like the business we all knew four months ago.”