News Details
F1 secures $2.9b loan amendment to help with financial difficulties
Formula 1 has been granted an amendment of the conditions on a $2.9b loan in order to help it weather the COVID-19 pandemic, it was announced on Monday. Under both the amended loan and an attached $500m credit facility, F1's owners Liberty Media will be allowed a greater debt-to-profit ratio in order to compensate for the loss of revenues in the coronavirus-affected 2020 season. In a statement accompanying the announcement, Liberty explained that “subject to compliance by F1 with certain additional conditions, the net leverage financial covenant shall not apply until 1 January 2022”, meaning F1 will not have to comply with the original terms of the loan until that date. “Formula 1...
Full Story »
Full Story »
3y ago from GrandPrix247.com
0
You May Also Be Interested In...
McLaren secures £150m loan from Bahrain bank to ease...
McLaren's immediate financial concerns have been eased following the...
3y ago from GPFans.com
Report: McLaren to receive loan from National Bank of...
McLaren are on the verge of securing a loan from Bahrain's national bank...
3y ago from GrandPrix247.com
McLaren secures vital £150m loan from Bahrain's...
McLaren's short-term future has been secured after confirmation of a...
3y ago from MotorsportWeek.com
Confirmed: McLaren to receive £150 m loan from...
UPDATE: McLaren have now confirmed that they will receive £150 million...
3y ago from GrandPrix247.com
Elsewhere On The Network
Popular On MGPToday.com
Vinales: Aprilia COTA MotoGP win has ‘different...
Maverick Vinales believes that his maiden win with Aprilia in MotoGP at...
4h ago from MotorsportWeek.c...
Oliveira reckons MotoGP “looks too easy” on TV now
No description available...
8h ago from Motorsport.com
How MotoGP brakes work: Secrets of stopping a 220mph...
No description available...
1d ago from Motorsport.com
Popular On IndyCarToday.com
IndyCar Long Beach: Start times, how to watch on TV,...
No description available...
5h ago from Motorsport.com
Kirkwood: “More durable” tires hindering passing...
No description available...
4h ago from Motorsport.com
Pourchaire to make IndyCar debut for Arrow McLaren
No description available...
1d ago from Motorsport.com
Pourchaire to make IndyCar debut in Long Beach with...
Arrow McLaren has announced that the reigning Formula 2 champion Theo...
1d ago from MotorsportWeek.c...
Popular On TotalWRC.com
Latvala: Neuville, Evans tied for WRC Croatia lead...
No description available...
2h ago from Motorsport.com
Neuville and Evans tied to a tenth!
Thierry Neuville and Elfyn Evans fought a mighty duel across eight stages...
2h ago from MotorsportWeek.c...
WRC Croatia: Neuville, Evans tied for the lead after...
No description available...
5h ago from Motorsport.com
WRC Croatia: Neuville sets the pace to lead title...
No description available...
11h ago from Motorsport.com
Popular On GunnersToday.com
Manchester United Transfer News Roundup: Ivan Toney...
No description available...
37m ago from SportsKeeda.com
Mikel Arteta says it is 'too soon' for £38m defender...
Arsenal manager Mikel Arteta has provided an injury update on summer...
2h ago from CaughtOffside.com
Aston Villa line up summer move for £60m Chelsea flop
Aston Villa are targeting a new left-back this summer and Chelsea's Marc...
1h ago from CaughtOffside.com
Troy Deeney names strikers who Arsenal should look to...
No description available...
5h ago from SportsKeeda.com
Comments
Hottest News
FIA announce crucial top three UPDATE in China after...
The top three drivers for Saturday's sprint race... Read More »
5h ago from GPFans.com
Hamilton dealt China blow after major FIA decision as...
Lewis Hamilton had pole position snatched away... Read More »
56m ago from GPFans.com
Jacques Villeneuve Cautions Carlos Sainz on Risks of Moving...
Former Formula 1 champion Jacques Villeneuve has... Read More »
26m ago from Formula1News.co.uk