Emergency meeting planned as Formula 1 stocks continue to plummet

Australian Grand Prix

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Emergency meeting planned as F1 stocks continue to plummet

$3.6bn lost in value since Monday

Sam Hall

Thursday 12 March 2020 15:05

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Meetings are taking place to decide how to best proceed with the Australian Grand Prix after McLaren withdrew their entry following a team member testing positive for the coronavirus.

Both the Australian Grand Prix Corporation and Formula One have released statements outlining their commitment to ensuring the safety of team personnel and fans.

“The Australian Grand Prix Corporation and Formula 1 have been advised by the Victorian Chief Health Officer of the results of tests relating to eight personnel from the Formula 1 Paddock," said CEO of the AGPC, Andrew Westacott. "Of these eight tests, seven individuals have returned a negative result confirming that they do not have the COVID-19 virus.”

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“An eighth individual has tested positive for the COVID-19 virus. It has been confirmed that the individual was a member of the McLaren Racing Team. As a result of this, McLaren has announced its withdrawal from the Formula 1 Australian Grand Prix 2020.

“The AGPC is currently in discussions with Formula 1, the FIA and the Department of Health and Human Services in relation to the broader implications of this test result.”

“Additionally, a ninth individual has been assessed and tested for the COVID-19 virus, with the results of this test pending. This individual is not associated with any Formula 1 team, the FIA or associated suppliers.

“The AGPC will provide updates as further details become available.”

It is being reported that a meeting has been scheduled for Friday morning local time, to decide whether to cancel the grand prix.

In the hours since McLaren announced their withdrawal from the event, the value of Formula One stocks (FWONK) plummeted by over $1 billion, taking the total loss in value for the week to over $3.6bn.