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In The Pit Lane – Optimism required during 2021 F1 season
The 2021 season gets underway with a cracker but with it, all the uncertainty off the track in the COVID-19 world remains. Liberty Media may well have had a rebrand introducing a new logo and Formula 1 theme written by Hollywood composer Bryan Tyler, but it cannot gloss over the hard financial reality. In 2020, annual revenues fell 44% year on year to $1.1 billion, resulting in an operating loss of $386 million. The group took big hits on its other businesses with the Atlanta Braves baseball team and concert promoter Live Nation posting losses. Not helping is Liberty’s $3.7 billion of debt sitting on its balance sheet. As a third wave of COVID-19 spreads throughout Europe the upcoming...
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