F1 revenues reverse in Liberty's first year at the wheel
Annual revenue dropped £13 million ($18.3 million) at motor racing's Formula 1 in 2017, the first year under the ownership of USA's Liberty Media.
According to a Liberty letter to shareholders, seen by the UK's Independent newspaper, "Formula 1 revenue for the year ended December 31, 2017 is expected to be down approximately 1% as compared to the prior year period."
Formula 1's 2016 revenue grew 5.8 per cent to £1.3 billion, meaning a 1-per-cent fall is equal to £13 million, the biggest drop in the last decade.
The revenue decline was said to be driven by the absence of the German Grand Prix, which returns in 2018, and several sponsors including insurance firm Allianz and banking giant UBS.
There were no new race contracts or major sponsorship deals signed in 2017, but costs rose due to a rebranding of the Formula 1 logo, a move into a new central London headquarters and the organisation of a promotional event around Trafalgar Square in the UK capital ahead of the British Grand Prix in July.
Formula 1's full accounts will be filed "on or before" 1 March.
Liberty concluded its $4.4-billion takeover of Formula 1 in January 2017.
The 21-race 2018 season starts with the Australian Grand Prix in Melbourne on 25 March.