Formula One's owner Liberty Media has published its financial results for the second quarter of 2017, with F1 CEO Chase Carey claiming $1billion of debt has been "eliminated".
Liberty's results revealed F1 has recorded an increase in revenues year-on-year between April and June this term, earning a total of $616million. The figure is up three percent on the equivalent period from 2016, when Bernie Ecclestone was still at the helm of the sport.
"We've successfully eliminated an expensive $1bn tier of debt, repriced our remaining debt, and have also received upgrades from the ratings agencies," Carey said.