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 »
1mo ago from GrandPrix247.com 0
Share

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...
1mo 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...
1mo ago from GrandPrix247.com

McLaren secures vital £150m loan from Bahrain's...

McLaren's short-term future has been secured after confirmation of a...
1mo ago from MotorsportWeek.com

Confirmed: McLaren to receive £150 m loan from...

UPDATE: McLaren have now confirmed that they will receive £150 million...
1mo ago from GrandPrix247.com

Elsewhere On The Network

Popular On MGPToday.com

Aprilia MotoGP rider Iannone's anti-doping hearing...

Aprilia MotoGP rider Andrea Iannone's anti-doping hearing has been...
53m ago from AutoSport.com

Misano MotoGP rounds to be first with fans in 2020

The San Marino and Emilia Romagna MotoGP rounds at Misano in September...
1h ago from AutoSport.com

Popular On IndyCarToday.com

Fast refresher for Alonso at Indy

Arrow McLaren SP’s Fernando Alonso was a quick study with the No. 66...
15h ago from Racer.com

Dixon leads opening Indy 500 practice

NTT IndyCar Series championship leader Scott Dixon opened the 104th...
18h ago from Racer.com

Hinchcliffe sets the pace in opening Indy 500 practice

James Hinchcliffe set the pace in opening Indy 500 practice at...
12h ago from SpeedCafe.com

Popular On TotalWRC.com

Popular On GunnersToday.com

‘Don't get my hopes up' – These Arsenal...

With the summer 2020 transfer window in full swing, and only four weeks...
1h ago from CaughtOffside.com

Real Madrid respond to latest Arsenal offer for Dani...

On-loan at Arsenal for the 2019/20 campaign, Real Madrid’s Dani...
2h ago from CaughtOffside.com

Arsenal fans should be overjoyed by Atletico Madrid's...

Mikel Arteta has four more weeks left before the start of the 2020/21...
3h ago from CaughtOffside.com

Terms agreed: Arsenal transfer target closing in on...

Lille defender Gabriel Magalhaes has reportedly agreed personal terms on...
3h ago from CaughtOffside.com

Comments

Hottest News

Recent News


2014 GPToday.com
GPToday.com is not responsible for the news headlines and associated descriptions and images it indexes, the content of externally linked sites or the comments & postings of its users.

This website is unofficial and is not associated in any way with the Formula One group of companies. F1, FORMULA ONE, FORMULA 1, FIA FORMULA ONE WORLD CHAMPIONSHIP, GRAND PRIX and related marks are trade marks of Formula One Licensing B.V.