(Bloomberg) --
Formula One might start its racing series as soon as July although it remains unknown when and if spectators can attend the events.
The holding company Liberty Media Corp. is targetting to hold about 15 to 18 races this year with events potentially lasting until December. The coronavirus pandemic has led to cancellations of global sporting events and Liberty is looking at several scenarios in which the racing league could return.
“It is currently unknown at what point fans will be permitted to attend,” Liberty Media said in a statement Thursday, adding that it did not expect to organize any races in the second quarter of 2020.
In an interview with CNBC last month, Liberty Media CEO Greg Maffei said Formula One is likely to restart first in Western Europe with no fans. Silverstone, the organizers of the British Grand Prix, confirmed last month they are unable to host this year's race in front of fans and are considering a closed-doors event.
Formula One group did not record any race promotion fees or broadcasting fees in the first quarter as no races were held during the period. The company has taken steps to contain costs including salary cuts and U.K. government-supported furloughs.
Billionaire media investor John Malone paid $4.4 billion in 2017 to acquire the globally popular Formula One racing competition, considered the pinnacle of motorsport.
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