Ferrari losses limited to 2020 only – Camilleri

Louis Camilleri
Louis Camilleri

(GMM) Ferrari is confident about bouncing back financially from the corona crisis.

Amid the F1 shutdown, and with Maranello at the epicenter of the Italian epidemic, CEO Louis Camilleri admitted that Ferrari's bottom line has been hurt.

"Formula 1 will negatively affect our results in 2020, but the losses will be short lived," he is quoted by Corriere dello Sport.

"The calendar was to have 22 races. The FIA and the Formula 1 group now have a maximum of 18, many without an audience. This implies a drastic reduction in revenue generated from commercial rights and sponsorship fees – our two main sources of revenue.

"Even if the negative impact on Formula 1 revenues and profits is not easy to digest, the good news is that the losses will be limited to 2020," Camilleri insisted.

Meanwhile, reports that Mattia Binotto is now offering Sebastian Vettel a two-year contract extension for 2021 and 2022, with a "drastically reduced" salary.