Doonited Coronavirus: Formula One furloughs staff until end of May, bosses take pay cutsNews
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Coronavirus: Formula One furloughs staff until end of May, bosses take pay cuts

Coronavirus: Formula One furloughs staff until end of May, bosses take pay cuts
Photo Credit To Formula1
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The season is yet to begin with the opener in Australia on March 15 was cancelled along with the Monaco Grand Prix in May.

Formula One on Tuesday decided to put almost half of its staff members in furlough until the end of May owing to the coronavirus pandemic while chairman Chase Carey and senior management are accepting a wage cut, as said by an F1 spokesman.

Sources told Reuters that the members put in furlough are those who work in the weekend.

The season is yet to begin with the opener in Australia on March 15 was cancelled along with the Monaco Grand Prix in May. Overall, six other races have been postponed. There is an expectation that the season will begin around the European summer.

The reason behind the furlough is that Formula One earns most of his fees from race promotions, broadcast deals, advertising and sponsorship. With the season put to a halt owing to the novel coronavirus, as it has been for most other sports, Formula One has failed to gain revenues. Meanwhile, McLaren, Williams and Racing Point, have all furloughed their staffs in the past weeks in a bid to cope up with the financial loss during the pandemic.

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Post source : India TV

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