F1 feels pinch of virus

FORMULA One has put almost half its staff on temporary leave until the end of May because of the coronavirus crisis with chairman Chase Carey and senior management also taking a pay cut.

Sources said those on leave were mainly employees whose work was race weekend-focused and who could not carry it out remotely.

The company employs in excess of 500 people.

The spokesman said the senior leadership team had voluntarily taken a 20 per cent pay cut but would remain at work, while Carey, an American, had taken a bigger reduction.

F1 gains most of its revenue from race promotion fees, broadcast deals and advertising and sponsorship which have all been stalled by the virus, with most sport at a standstill globally.

Three of the seven Britishbased teams — McLaren, Williams and Racing Point — have also laid off staff in the past week to cut costs. The F1 season has yet to start, with the March 15 season-opener in Melbourne cancelled along with the Monaco showcase in May. And later yesterday, the Canadian Grand Prix, due to be held on June 14 in Montreal, become the ninth F1 race to be postponed because of the ongoing pandemic crisis.

Six other races have been called off and Liberty Mediaowned Formula One hopes to start up some time in the European summer, conditions permitting, with a reduced schedule of 15-18 races.

F1 says it will now extend its shutdown period by a further two weeks from 21 to 35 days as a result of the coronavirus pandemic.

The shutdown is normally in the summer when teams are not allowed to carry out development work on their cars.

Last month, governing body FIA brought the summer shutdown period forward to the spring and extended it by seven days to three weeks.