Wednesday , June 23 2021

Salary cap in Formula 1: Hamilton and Verstappen threatened with mega wage losses



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Due to the corona epidemic, the introduction of an upper salary cap in Formula 1 is becoming increasingly specific. This means significant wage losses, especially for world champions Lewis Hamilton and Max Verstappen.

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World champion Lewis Hamilton pocketed $ 40 million this year.

World champion Lewis Hamilton pocketed $ 40 million this year.

AFP

This puts the British well above the possible upper limit of 30 million.

This puts the British well above the possible upper limit of 30 million.

AFP

You should also use cash registers in Red Bull.

You should also use cash registers in Red Bull.

AFP

  • In Formula 1, a cap may soon be imposed on driver fares.

  • Lewis Hamilton is far above that alone right now.

  • Salaries at Red Bull would also have to be adjusted.

Since this season, there is an upper cost limit of $ 145 million (135 million Swiss francs) in the premium motorsport class. However, without the salary of the two pilots. But that should change soon, at least it reports “Gazzetta dello Sport”. Accordingly, the rights holder Liberty Media wants to collect an upper salary limit together with the world motorsport association FIA, which is an absolute innovation in Formula 1.

In the future, the salary cap is expected to be $ 30 million. However, without bonus payments and money for image rights. Two large teams in particular will be affected. World champion Lewis Hamilton alone must collect 40 million euros more than the upper limit for both drivers. In addition, teammate Valtteri Bottas must collect another six million euros. However, Red Bull will also significantly exceed this limit. Max Verstappen is said to earn 30 million euros a year, while teammate Sergio Perez gets another four million euros.

Last year, especially the world champion of the series, Hamilton, showed that he was someone who criticized the upper salary limit. “Drivers are the stars and heroes of this sport, they get the most attention, they strengthen the brand, image and reputation of the entire Formula 1,” Hamilton said when asked about a possible upper salary limit. The British contract is valid for one season only. It is quite possible for the seven-time world champion to admit significant wage losses in this situation. However, it is still unclear whether it is possible to interfere with existing contracts. Just like the question of when to bring the upper salary cap.

(heute.at/law)




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