(Bloomberg) – Liberty Media’s Formula 1 has seen $1.9 billion wiped from its market value since the start of the war in Iran, as concerns about racing in the Middle East weigh on one of the world’s most popular sports.
The new F1 season begins this weekend in Melbourne, Australia, the first of 24 races in 2026. Uncertainty surrounds two races next month in Bahrain and Saudi Arabia, with conflict intensifying across the region. You big prize Qatar and Abu Dhabi are expected to end the season at the end of the year. Shares of Liberty Formula One, the vehicle that owns the competition, have fallen more than 7% in New York so far this week.
The world motorsport organization FIA has postponed the 1812km Qatar race — originally scheduled to host the opening round of the 2026 FIA World Endurance Championship on March 26-28.
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The conflict in the Middle East threatens to hit F1 at a time when business is booming. The U.S. public has been drawn to the sport, thanks in part to the success of the Netflix series “Formula 1: Drive to Survive” and the recent “F1: The Movie.” Rising popularity has boosted F1’s share price, with the market capitalization still above $21 billion. Liberty Media paid $4.4 billion for the deal in 2017.
The Middle East has become a key component of F1. Bahrain hosted the region’s first race in 2004. The Formula 1 calendar now features four races in the region, including the final events of the season in Qatar and Abu Dhabi. Saudi Arabia’s Public Investment Fund has a minority stake in the Aston Martin team, while Bahrain’s sovereign wealth fund Mumtalakat and Abu Dhabi-based CYVN Holdings have control of rival McLaren.
It wouldn’t be the first time a race has been canceled in the region. The 2011 opening race was scheduled to be held in Bahrain, but civil unrest in the Gulf nation led the FIA to postpone the Grand Prix just three weeks before it was due to take place.
There is added excitement for the 2026 F1 season with new rule changes, including power regulations, expected to shake up the competition. McLaren has been the dominant team for the past two seasons, but the Mercedes-Benz team is the favorite to reclaim the constructors’ championship this year, with its British driver George Russell the favorite to win the individual title.
Other teams have had difficulty dealing with the changes. The Aston Martin team, controlled by Canadian billionaire Lawrence Stroll, is facing major problems, with vibrations from its cars risking permanent nerve damage for its drivers.
Practice sessions took place in Melbourne early on Friday, with qualifying on Saturday and the main race on Sunday.
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