The most expensive sport in the world Formula racing or F1 racing in covid-19
3 min read
Image by Ádám Urvölgyi from Pixabay
Formula 1 or F1 racing is perhaps the most expensive sport in the world. Its the sport for rich families and also families with an interest in motorsport. F1 is expensive because to maintain a team and pay the staff, drivers and transportation of cars and other equipments from one country to another on a fleet of cargo planes is not cheap. Only few people in the world can afford this sport. An F1 car costs the million of dollars. Formula 1 is the highest class of the international auto racing sport. It is an open-wheel, single-seat, and open-cockpit thrilling motor racing sports contest.
The sport is governed and sanctioned by a world body called the FIA or Federation Internationale de I’Automobile. The contest was named Formula because of the set of rules that participants have to follow. In order to win the race, the driver has to cross the finish line after completing the said number of laps. Whoever completes the laps and crosses the line first is declared the winner.
When was the sport first introduced?
This high-level auto racing sport first originated in the 1920s and 30s. It was a result of similar racing competitions held in Europe. The inaugural Formula 1 world driver’s championship was first scheduled in 1950. It was the first world championship series.
Apart from this world championship series, Formula 1 also tried to keep other non-championship races. But they failed because the cost of organizing the contest was higher. Thus, it got discontinued in 1983.
Formula 1 downfall in 2020 pandemic
When the financial report of F1 racing was released, it showed a downfall of 96% year on year. Because of the COVID 19 pandemic, the series suspended the championship season of Formula 1. So no race took place in April, May, and June. On the other hand, at the same time last year, Formula 1 had seven races.
F1 revenue plunged to 24 million dollars in quarter 2 of 2020, which was down from 620 million dollars in the same quarter of 2019. The downfall resulted in a huge loss in 2020 due to the pandemic.
Formula 1 made its comeback in 2021
The most expensive sport in the world Formula 1 made a remarkable recovery in the first quarter of 2021 as its revenue increased by 140 million dollars.
As there was no race in the previous year, the sport tried to regain its revenue of last year by posting revenue in the first three months of 2021. The revenue posted was 180 million dollars.
The race was held even when there were a lot of restrictions on fans and corporate guests. As a result, only a small number of fans were present at the season-opening race. The condition of attending the race was the audience had to be vaccinated against COVID 19 or have recovered from it.
After two races were held behind doors, only a limited number of fans were allowed to attend the Spanish Grand Prix held on Sunday. However, more fans will be allowed to attend the race in Monaco. But the sixth round of the championship that is going to be held in Azerbaijan will be officially closed to spectators.
The series said in a statement that while the above decision is pending, the officials expect an increased number of fans in the next seasons.
Final Word
F1 is a very high-level racing contest with a large number of fans. It never fails to provide a thrill to its audience. Even though the sport faced fall back in 2020, it managed to rise again this year, expecting its fan to cheer again.
