Liberty Media’s f𒐪inancial results revealed Formula 1 ma𒉰de a $386 million loss after the 2020 season was severely impacted by the COVID-19 pandemic.

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

The COVID pandemic meant spectators were mostly unable to attend events, while the impacted calendar also affected revenue s🥂ignificantly.

As a result, overall revenue dropped from $2022m in 2💮019 to $1145m a year later. Consequently, the total amount of money paid to the teams was reduced to $711m in 2020 co🅠mpared to $1012m a year prior.

While revenꦿue was down, costs did decrease due to there being fewer races and the schedule being more compact.

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 calculation 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 fees, which was down 18% in ꧟2020.

Many races which were i🐎ntroduced as substitute races for the 2020 campaign did not need to paཧy a fee to host a grand prix or simply paid less than they would in a normal season.

𒁏Liberty 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 generated from the replacement races that were added."