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Carey warns F1 is not in 'the business of handouts'
Formula 1 CEO Chase Carey says the sport will engage with teams to mitigate the effects of its economic downturn but warns that it won't be "handing out candy". The coronavirus pandemic has not only disrupted F1's calendar, it has also as a result crushed the financial prospects of the teams for 2020. From race fees to sponsorship deals and broadcast right, the truncated season will have a significant impact on all revenue streams. As an indication of the extent of the downturn, F1 announced on Thursday an 84% drop in revenue for the first quarter and a $137 million hit to the sport's bottom line! In the midst of the crisis, Carey has vowed to be supportive of the teams'...
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