(Bloomberg) — Liberty Media Corp.’s Formula One has seen more than $2 billion wiped off its market value since the Iran war began, as concerns about races in the Middle East weigh on one of the world’s most popular sports.

The new F1 season begins this weekend in Melbourne, Australia, the first of 24 races in 2026. Uncertainty surrounds two races next month in Bahrain and Saudi Arabia, with the conflict ramping up across the region. The Qatar and Abu Dhabi grand prix are due to round off the season toward the end of the year.

Shares of Liberty Formula One, the vehicle that owns the competition, have dropped 10% this week.

The FIA, the world’s motorsport organization, has postponed the Qatar 1812km – originally scheduled to stage the opening round of the 2026 FIA World Endurance Championship on 26-28 March.

Middle East Risk to Liberty Formula One© Bloomberg

The Middle East conflict threatens to hit F1 at a time when the business is booming. US audiences have been drawn to the sport, thanks partly to the success of the Netflix Inc. show Formula 1: Drive to Survive and the recent F1: The Movie. The soaring popularity has fueled F1’s share price, with the market capitalization still above $21 billion. Liberty Media paid $4.4 billion for the business in 2017.

The Middle East has become a key component of F1. Bahrain hosted the region’s first race in 2004. The Formula One calendar now features four races in the region, including the season’s final events in Qatar and Abu Dhabi.

Saudi Arabia’s Public Investment Fund has a minority stake in the Aston Martin Formula 1 team, while Bahrain’s sovereign wealth fund Mumtalakat and Abu Dhabi-based CYVN Holdings have control of rival McLaren.

The F1 Bahrain Grand Prix in APril 2025.© Photographer: Mark Thompson/Getty Images

It would not be the first time a race has been canceled in the region. The opening race of 2011 was scheduled to be held in Bahrain, but civil unrest in the Gulf nation led the FIA to postpone the Grand Prix just three weeks before it was set to take place.

There is added excitement to the 2026 F1 season with new rule changes, including to power regulations, expected to shake up the competition. McLaren has been the dominant team of the past two seasons, but the Mercedes-Benz team is the favorite to regain the team championship this year, with its British driver George Russell the favorite to win the individual title.

Other teams have struggled to get to grips with the changes. The Aston Martin team, controlled by Canadian billionaire Lawrence Stroll, is grappling with huge problems, with vibrations from its cars risking permanent nerve damage for its drivers.

Practice sessions took place in Melbourne earlier Friday, with qualifying on Saturday and the main race on Sunday