--
 
On the road during lockdown

Here's what motorists should know.

Meet Smokey Nagata

The man behind the legendary twin-turbo V12 Toyota Supra build.

Vettel's Ferrari exit reportedly costs Formula 1 $90m in value

2020-05-18 10:18
a

Ferrari's German driver Sebastian Vettel waves at the Yas Marina Circuit in Abu Dhabi, ahead of the final race of the Formula One Grand Prix season, on December 1, 2019. GIUSEPPE CACACE / AFP

According to FormulaMoney, who specialise in covering the business of F1, the sport's share price dropped 4.5% following the news that Sebastian Vettel was leaving Ferrari.

Bought by Liberty Media in late 2016, the company decided to float Formula 1 on the stock exchange.

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.

Driver changes also have an impact.

On Tuesday Ferrari confirmed that Vettel would be leaving the team at the end of this season after the two parties realised they no longer had a "common desire" to continue working together.

48 hours later Ferrari announced that Carlos Sainz would replace Vettel at the end of the year, signing a two-year deal to partner Charles Leclerc.

The share price rose 3.1%.

However, that was a massive $90m loss for Formula 1.

FormulaMoney added: "Can't remember another year when so many F1 teams announced before the season began that their lead drivers are leaving.

"Looks like they think there will be no racing in 2020 as you don't want to use drivers who are going to a rival.

"Not a good time to be a $FWONK stockholder!"

-TeamTalkMedia

NEXT ON WHEELS24X
Read more on:    ferrari  |  motorsport  |  f1

There are new stories on the homepage. Click here to see them.