Formula One revenues have collapsed in the face of the coronavirus pandemic, the motorsport series’ owner Liberty Media said on Monday.

No racing was possible until July because of the global health crisis. The season began in Austria but all races so far have been behind closed doors.

Revenues for the second quarter have plummeted to $US24 million ($A33 million) compared to $US620 million from April to June 2019.

After an operating income of $US14 million last year, F1 made a loss of $US136 million in this year’s Q2.

“F1 and its partners are currently evaluating plans for a reduced number of fans to safely return to certain races in some capacity in 2020,” an F1 statement said.

Chairman Chase Carey added: “We were excited to return to the track in July and have now completed five races of what we expect will be a 15 to 18 race season.”