Formula One owner Liberty Media saw its revenues from the sport collapse by more than $200 million in the first quarter due to the coronavirus pandemic, it said Thursday.

The pandemic has prevented the season from starting, with 10 races either cancelled or postponed.

It will now only get underway on July 5 at the earliest, in Austria.

F1 revenue for Liberty Media dropped to just $39 million in the first three months of the year, from $246 million in the same period in 2019, a dramatic drop of 84%.

The operating loss reached $137 million compared to a loss of $47 million over the same period last year.

“F1 currently hopes to start racing in July and continue until December with a target of around 15-18 races,” said a statement released by Liberty who took over F1 in 2017.

“It is still unclear whether spectators will be able to attend.”

The revenues generated by F1 of Liberty Media, owned by American billionaire John Malone, come from the sums paid by the organisers of the Grand Prix, broadcasters and sponsorship.

However, with racing shelved due to the pandemic and with Liberty Media facing contractual obligations to the teams, the American group in April transferred $1.5 billion which was allocated initially to its SiriusXM satellite radio operations.

Meanwhile, the share price of Liberty Media’s F1 activities stood 0.4% lower in midsession trading on the Nasdaq on Thursday at $29.47.

The stock has lost almost 33% of its value since the start of the year.