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Ferrari's financial losses amid Covid-19 'limited to 2020' only - Ferrari CEO

2020-05-06 09:38
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Image: TeamTalk

Ferrari is confident about bouncing back financially from the corona crisis.

Amid the Formula 1 shutdown, and with Maranello at the epicentre of the Italian epidemic, CEO Louis Camilleri admitted that Ferrari's bottom line has been hurt.

'Limited to 2020'

He is quoted by Corriere dello Sport: "Formula 1 will negatively affect our results in 2020, but the losses will be short lived. The calendar was to have 22 races.  The FIA and the F1 group now have a maximum of 18, many without an audience.

"This implies a drastic reduction in revenue generated from commercial rights and sponsorship fees - our two main sources of revenue. Even if the negative impact on F1 revenues and profits is not easy to digest, the good news is that the losses will be limited to 2020."

Meanwhile, f1-insider.com reports that Mattia Binotto is now offering Sebastian Vettel a two-year contract extension for 2021 and 2022, with a "drastically reduced" salary.

Read more on:    ferrari  |  louis camilleri  |  motorsport  |  formula 1  |  racing  |  f1

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