Ferrari losses limited to 2020 only says Camilleri

MAY 5, 2020

Ferrari losses limited to 2020 only says Camilleri

Charles Leclerc, Sebastian Vettel, Spanish GP 2019
© The Cahier Archive

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

Amid the F1 shutdown, and with Maranello at the epicentre of the Italian epidemic, CEO Louis Camilleri admitted that Ferrari's bottom line has been hurt.

"Formula 1 will negatively affect our results in 2020, but the losses will be short lived," he is quoted by Corriere dello Sport.

"The calendar was to have 22 races. The FIA and the Formula 1 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 Formula 1 revenues and profits is not easy to digest, the good news is that the losses will be limited to 2020," Camilleri insisted.

Meanwhile there are rumors that Mattia Binotto is now offering Sebastian Vettel a two-year contract extension for 2021 and 2022, with a "drastically reduced" salary.

(GMM)

Other stories for MAY 5, 2020

CONTRACT TALK EMPTY AMID CRISIS SAYS KVYAT

NO ORANGE MERCEDES STRATEGY FOR MCLAREN SAYS SEIDL

JULY RE-START TOO SOON FOR F1 SAYS ENZINGER

F1 MUST BE OPEN TO PLANS AMID PANDEMIC SAYS PROST

FERRARI LOSSES LIMITED TO 2020 ONLY SAYS CAMILLERI

CIRCUITS FIGHTING TO HOST GHOST RACES SAYS LAMMERS

DESIGNER SAYS ZANDVOORT NOT ACCURATE IN F1 GAME

FINAL MANUFACTURER BMW COULD ALSO QUIT DTM