Vettel's Ferrari exit reportedly costs Formula 1 $90m in value

Sebastian Vettel (PA)
Sebastian Vettel (PA)

According to FormulaMoney, who specialise in covering the business of F1, the sport's share price dropped 4.5% following the news that Sebastian Vettel was leaving Ferrari.

Bought by Liberty Media in late 2016, the company decided to float Formula 1 on the stock exchange.

That left the sport vulnerable to fluctuations in the market with the shares taking a massive hit in March when the season did not begin, and falling even further in April as the hiatus and the world's financial crisis continued.

But it seems that is not all that affects the 'FWONK' share prices.

Driver changes also have an impact.

On Tuesday Ferrari confirmed that Vettel would be leaving the team at the end of this season after the two parties realised they no longer had a "common desire" to continue working together.

48 hours later Ferrari announced that Carlos Sainz would replace Vettel at the end of the year, signing a two-year deal to partner Charles Leclerc.

The share price rose 3.1%.

However, that was a massive $90m loss for Formula 1.

FormulaMoney added: "Can't remember another year when so many F1 teams announced before the season began that their lead drivers are leaving.

"Looks like they think there will be no racing in 2020 as you don't want to use drivers who are going to a rival.

"Not a good time to be a $FWONK stockholder!"

- TEAMtalk media

loading... Live
England 204
West Indies 57/1 (19.3 ov)
Voting Booth
What is your favourite sport to watch on TV?
Please select an option Oops! Something went wrong, please try again later.
Results
Rugby
46% - 3812 votes
Cricket
11% - 913 votes
Football
18% - 1466 votes
Athletics
2% - 162 votes
Boxing
1% - 67 votes
Cycling
2% - 173 votes
Golf
5% - 416 votes
Motorsport
8% - 631 votes
Tennis
3% - 260 votes
Water sports
1% - 64 votes
American sports
1% - 62 votes
MMA / WWE / UFC
3% - 217 votes
Vote