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Liberty makes advance payments to teams after $1.5b liquidity boost
Formula 1’s commercial rights holder Liberty Media boosted the sport’s liquidity on Thursday and said some teams had received advance payments to help them through the COVID-19 crisis. Liberty announced in a statement it had re-attributed its stake in Live Nation Entertainment from the Formula One Group to its SiriusXM tracking stock, with $1.5 billion in net asset value going in each direction. Liberty Media president and CEO Greg Maffei told analysts on a conference call that the move was the most efficient way of putting cash into the business, with F1 getting a net cash payment of $1.4 billion. F1’s season has yet to start, with nine races called off and the first round likely to...
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