Formula 1 is targeting a full and normal 22-race calendar for 2021, as the sport revealed an almost total collapse of revenue amid the corona crisis.

The Financial Times reports that F1's revenues dropped to just $24 million in the last quarter - down from $620 million compared to a year ago.

The staggering drop is because of the almost total collapse in broadcasting and race fees, resulting in the decimation of a 2019 profit to a $136 million loss for the quarter.

Chase Carey, F1's chief executive, said Formula 1 wants to organise a full 22-race calendar in 2021 but "we don't have any better visibility than anybody else what this virus is going to look like as we go forward".

"We were very much moving to deliver the type of long-term growth that we had talked about," he added. "Obviously, the virus turned it all on its head.

"At this point we're planning on a 2021 that is probably not quite, but pretty close to, the 2021 we would have planned," said Carey.