Formula 1 has taken further measures to cushion the effects of the coronavirus pandemic
The Motorsport World Council approved the inclusion of a protective clause in the sports legislation on Friday. This allows the FIA to make rapid changes to the regulations “under exceptional circumstances” without major hurdles.
“In exceptional cases and if the FIA believes that the change in question is essential for securing the series,” in the future changes to the rules will not require unanimity from the participants, but only a simple majority .”
The compulsory shut down of the ten teams was also extended from 35 to 63 days, as reported by the auto motor und sport magazine on Friday. Engine manufacturers Mercedes, Ferrari, Renault and Honda are said to have closed their factories for 49 days instead of 35, according to the report. An official confirmation from the FIA is pending.
In order to promote financial stability, some Formula 1 teams have already received advanced payments, says Liberty Media President and CEO Greg Maffei.
Maffei disclosed that the sport’s Commercial Right Holder has already advanced payments for teams in order to make sure that F1’s outfits survive the unprecedented situation that has placed an enormous financial burden on them.
“We have advanced money in advance of team payments for certain teams already. There are cases where we may do more of that. There are other things that we might do to bridge teams that might need help. We’re certainly not viewing this as an open chequebook. We want to make sure that teams are solvent because they are part of what we need to race successfully in 2020, 2021, and beyond,” he is quoted as saying by Wall Street analysts.