Ferrari’s CEO Louis Camilleri says its loss of revenue from Formula 1’s delayed and abbreviated 2020 season will be “in the high tens of millions” as it released its Q2 earnings. Ferrari’s net revenue for the Q2 period in 2020, encompassing April through June, was 571m, down from 984m on the same spell 12 months ago. Of that its ‘Sponsorship, Commercial and Brand revenues’, in which its Formula 1 activities are counted – as well as museum and in-store traffic – were down to 83m from a 2019 figure of 131m. Formula 1 teams are set to receive less prize money this year on account of fewer grands prix taking place and Camilleri put a loose figure on the expected hit....
Full Story »