Formula 1 Loses $90M After Vettel Confirms Leaving Ferrari - Newslibre

Formula 1 Loses $90M After Vettel Confirms Leaving Ferrari

Last week Ferrari and Sebastian Vettel confirmed to the Formula 1 world that they had come to an agreement that would see both parties part ways after the end of the 2020 campaign which is yet to begin.

Formula 1 in $90M Loss as Vettel Leaves Ferrari

The news of Vettel were received with very mixed feeling from mainly Ferrari fans but Formula 1 as a body and fraternity will not be happy with the fact that they are losing over $90M

And with the future of the German driver still unknown, it looks more likely that F1 will be losing more money until when the future of the driver who is a huge market aspect for the Motorsport.

In 2016, Liberty Media bought Formula 1 and immediately they placed the company on the stock exchange.

Formula 1 Loses $90M After Vettel Confirms Leaving Ferrari - Newslibre
Formula 1 losing $90M will affect how the finances of the sport and more so during COVID19 (Image Credit: Guardian)

That left the sport vulnerable to fluctuations in the market with the shares taking a massive hit in March when the season did not begin, and falling even further in April as the hiatus and the world’s financial crisis continued.

But it seems that is not all that affects the ‘FWONK’ share prices because even the driver shakeups like that of Sebastian Vettel leaving Ferrari have caused a massive storm on the stocks of F1.

According to FormulaMoney, who have been known to only focus reporting the business aspect of Formula 1, F1’s share price dropped 4.5%. This was salvaged when Ferrari announced the appointment of McLaren driver Carlos Sainz as the new driver for the Maranello team. With that announcement, the share price rose by 3.1%

However, that was a massive $90M loss for Formula 1 after Sebastian Vettel and Ferrari both announced that they would be partying ways after the 2020 campaign.

The major question on everyone’s mouth at the moment is when Formula 1 which team the German international will be signing with for the 2021 season. There had been reports of him joining Mclaren but that spot has since been filled by Daniel Ricciardo while rumors are that Fernando Alonso could be making a huge surprise return with Renualt

Also return: F1 and Silverstone Agree on Two Grands Prix for 20202 Season

 

Formula 1 Loses $90M After Vettel Confirms Leaving Ferrari 1

Author: Moses Echodu

Moses is a freelance writer for Newslibre and Programs Manager at the Craft Silicon Foundation. He loves writing about sports, politics and news around the globe and Inspiring new young people!!

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