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
The weekly reality check that has kept MotoGP hype off...
No description available...
4h ago from Motorsport.com
Pedrosa says 'unexpected' MotoGP return pushed by...
No description available...
10h ago from Motorsport.com
Quartararo: Yamaha MotoGP satellite team "must be...
No description available...
10h ago from Motorsport.com
Yamaha to bring brand new MotoGP bike at Jerez test
Fabio Quartararo and Alex Rins are set to test ride a brand-new Yamaha M1...
8h ago from MotorsportWeek.c...
Popular On IndyCarToday.com
The plot twist that gave Arrow McLaren’s Ward his...
No description available...
3h ago from Motorsport.com
Luca Ghiotto to make IndyCar debut with Dale Coyne...
No description available...
5h ago from Motorsport.com
McLaughlin disputes IndyCar's claim that rules...
Scott McLaughlin was one of the two Team Penske IndyCar drivers that were...
19h ago from MotorsportWeek.c...
McLaughlin issues statement following St. Pete...
No description available...
19h ago from Motorsport.com
Popular On TotalWRC.com
WRC looking to add F1-style team radio to TV broadcasts
No description available...
3h ago from Motorsport.com
Ford simulator boosting M-Sport WRC Puma performances
No description available...
1d ago from Motorsport.com
Auction raises more than 50K for Craig Breen Foundation
No description available...
1d ago from Motorsport.com
FIA not at war with manufacturers over 2025 WRC...
No description available...
3d ago from Motorsport.com
Popular On GunnersToday.com
'It can't be written any better than that' - Michail...
No description available...
45m ago from SportsKeeda.com
'Spurs have got to be at their best to compete with...
No description available...
25m ago from SportsKeeda.com
Manchester United keen on move for La Liga star amid...
No description available...
25m ago from SportsKeeda.com
Arsenal and Manchester City keen on signing PL...
No description available...
1h ago from SportsKeeda.com
Comments
Hottest News
'Verstappen and Red Bull to continue without Newey in 2025,...
Adrian Newey is expected to announce his... Read More »
7h ago from GPBlog.com
Newey Red Bull exit wish CONFIRMED as F1 guru's reasons...
Red Bull chief designer and legendary Formula 1... Read More »
2h ago from GPFans.com
F1: Red Bull responds to Newey claims
As speculation mounts, Red Bull claims that it is... Read More »
1h ago from Pitpass.com