AP PARIS -- Discussions to host Formula One races in July are at an advanced stage. Yet F1 chairman Chase Carey has cautioned that "the remote possibility of no racing in 2020" remains. The first 10 races this season have been postponed or canceled amid the coronavirus pandemic.

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There has been huge loss of revenue. Figures released by F1 owner Liberty Media showed first-quarter revenue of $39 million compared to $246 million for the same period last year. Carey still hopes to start the season at Spielberg in Austria on July 4-5. Other European circuits not on the calendar are also being considered.