LONDON • Formula One chief executive Chase Carey has for the first time admitted that there is a "remote possibility" of no races this season, but he is still optimistic about the completion of a campaign halted by the coronavirus pandemic.

On the day that Liberty Media, the company which runs the sport, reported a collapse in revenues of more than US$200 million (S$282.7 million) in the first quarter, he insisted that a 15-18 race season was still possible.

So far, 10 races of what was to have been a record 22-event championship have either been cancelled or postponed. The season is set to get under way in Austria on July 5 and behind closed doors.

"We are increasingly confident - although there are no guarantees - that we will have a 2020 championship season," Carey told the BBC on Thursday. The 66-year-old, however, also said that all scenarios are on the table "including the remote possibility of no racing in 2020".

Carey, who spoke on a conference call with investors after the release of the first-quarter results, said the coronavirus crisis had "a significant impact on F1 and we are adjusting in numerous ways".

One of the possible ways going forward for the sport is staging a series of races at new venues in an attempt to salvage the season.

"We have two primary challenges - identifying locations where we can hold the races and determining how we transport all necessary parties and their equipment to that location for a race," he said.

New venues which are reportedly being considered are Portimao in Portugal and Imola in Italy.

Hockenheim could be another option, with Germany easing curbs and giving the green light for Bundesliga football to resume in empty stadiums next Saturday.

Austria's Spielberg circuit is expected to host a second race on July 12. The British Grand Prix home Silverstone is also tipped for back-to-back events on July 19 and 26.

"We are in advanced stages of putting together a schedule of additional European races through early September, including races during the traditional August break," added Carey.

"We expect the early part of the calendar to be races without fans, but we hope to be able to allow fans to attend in the latter part."

Earlier on Thursday, Liberty announced that its F1 revenue had shrunk to just US$39 million in the first three months of the year, from US$246 million in the same period last year, a huge drop of 84 per cent.

The operating loss reached US$137 million from US$47 million.

According to the F1 website, the sport saw more than four million spectators (4,164,948) who attended at least one of the 21 grands prix last season, an increase of 1.75 per cent from 2018.

Carey suggested 2021 would see F1, which gets most of its revenues from race hosting fees, broadcast deals and sponsorship, return to its previous growth curve.

"I think the fans will come back, I think events like ours will continue to rise in strength," he said.

AGENCE FRANCE-PRESSE, REUTERS