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

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
54% - 195 votes
Cricket
11% - 41 votes
Football
14% - 51 votes
Athletics
1% - 3 votes
Boxing
1% - 3 votes
Cycling
2% - 7 votes
Golf
6% - 21 votes
Motorsport
6% - 20 votes
Tennis
2% - 8 votes
Water sports
0% - 1 votes
American sports
1% - 5 votes
MMA / WWE / UFC
2% - 6 votes
Vote