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Maffei: $1.4 billion lifeline will 'preserve health of F1 ecosystem'
A reallocation of assets by Liberty Media has handed F1 a massive $1.4 billion lifeline that will help the sport and its teams navigate the current economic downturn. The reallocation announced on Thursday by Liberty re-attributed the holding's stake in Live Nation Entertainment from the Formula One Group to its SiriusXM tracking stock, with $1.5 billion in net asset value moving from each entity to the other. The change has considerably reduced Formula 1's debt while also providing it with a cash injection of $1.4 billion that, according to Liberty, "strengthens FWON [Holdco] balance sheet, provides potential liquidity for F1 in event of continued delay of season, including...
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