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No racing in 2020 would be "devastating for all teams"

Photo: © LAT Images

No racing in 2020 would be "devastating for all teams"

McLaren have not received an advance payment from Liberty Media

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McLaren have not received any advanced payment from Liberty Media says CEO Zak Brown, the Formula 1 owners having offered assistance to 'certain teams'.

Liberty Media have confirmed that they have plans in place for all eventualities, including the worst case scenario of going a year without grand prix racing, and Brown says the effect of not racing would have a 'devastating' financial impact on teams.

"If we had no Formula 1 this year, the financial impact would be devastating for all teams in Formula 1 - like for any industry, if you shut them down for an entire year," Brown told a media conference call.

Ferrari budget comments don't reflect reality, says Zak BrownRead more

Brown confirmed that roughly 'a billion dollars' are usually distributed between teams through sponsorship and prize money, funds that would not be available should all racing be cancelled.

"And that would happen if we didn't drive," added Brown. "Then we would have to find solutions to the lack of income."

While several teams, the names of which have not been revealed, have received advance payments to help secure their futures, Brown confirmed that McLaren were not included in this number.

"We have not received an advance or special payments," said Brown. "I haven't emptied my mailbox yet, but I don't think there is anything in it."

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