F1 gives certain teams advance payments to help them through crisis

Formula One has given some of its teams advanced payments in order to ensure they survive the current economic downturn linked to the coronavirus pandemic, Liberty Media CEO Greg Maffei confirmed Thursday.

Several Formula One insiders have raised concerns about the financial health of certain teams and the possibility that as many as four could struggle to return to the grid when racing resumes

McLaren, Haas, Renault, Racing Point and Williams have all made use of the U.K. government's furlough scheme to protect jobs, but with no certainty over when racing will resume, the balance sheets of all F1 teams are looking bleak this year.

All ten teams receive revenue from F1 in the form of prize…