Sebastian Vettel triggered a $90 Million loss for F1 in its share price when he parted ways from Ferrari in the 2020 championship season.
Four-time world champion Sebastian Vettel put down his Ferrari suit at the end of the 2020 season which resulted in a massive loss for F1.
Vettel joined the Scuderia in 2015 after spending six years at Red Bull winning four championship titles in a row. But his stint at Ferrari did not turn out to be as successful as he had hoped.
During his time with the Italian giants, the German driver witnessed the team’s worst performance in its history.
Having suffered a disappointing and difficult last few seasons, both Ferrari and Vettel came to an amicable agreement to not extend his contract.
🗣️ “We had the target to win the championship and we didn’t… in that regard we failed”
With 1️⃣4️⃣ wins, Sebastian Vettel leaves Ferrari as their third most successful driver ever but without the world title he so badly wanted.
How will you remember #Seb5 in red?#ExperienceF1 pic.twitter.com/nV7YguvplU
— F1 Experiences (@f1_experiences) December 10, 2020
Vettel moved to the Aston Martin while at Ferrari he was replaced by Carlos Sainz for the 2021 season.
At the time Formula money had reported that F1 had suffered a major hit to its share prices as the news of Vettel’s departure from Ferrari had emerged.
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Sebastian Vettel caused a $90 Million loss to F1
Formula money, a connoisseur in the business of F1 reported that the share prices of F1 had plummeted by 4.5% as Vettel left Ferrari.
While this dive was offset by Sainz’s move to the Italian team bringing a 3.1% rise in the share price, there was still a 1.4% gap that F1 had suffered.
We Tweeted yesterday that #F1 should have never been floated because it is influenced by too many external factors. Here’s more proof:
Vettel leaves Ferrari: $FWONK -4.5%
Sainz joins Ferrari: $FWONK +3.1%
Both prices from the same time. That’s a net loss of 1.4% or $90 MILLION… pic.twitter.com/5M5trjZDbw— Formula Money (@FormulaMoney) May 14, 2020
This 1.4% was equated to a net $90 Million loss. On top of that, it came at a time when the sport was already suffering the adverse effects of the pandemic.
In March of 2020, the share price of F1 plunged as the sport saw the postponement of multiple races. In some cases, these postponements turned into cancellations and the losses mounted through the April of 2020.
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