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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...
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