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Working group to investigate driver salary cap

NEWS STORY
12/02/2021

In a bid to further limit team spending, a working group is to be set up to look into the possibility of a salary cap for drivers and leading staff.

Though F1 finally introduces a budget cap this season, many feel that one of the most important aspects of team spending - as fans of fantasy F1 games will attest – has been overlooked, that of driver salaries.

For while the overall team budget cap is $145m this year - reducing to $135m by 2023 - the salaries of drivers and a number of 'leading' personnel are exempt.

Finally getting the teams to accept a budget cap was one thing, but the idea of limiting what they can pay their drivers and top staff quite another, and, understandably, a number of the drivers themselves are not happy.

Indeed, it is believed that Lewis Hamilton's one-year deal with Mercedes is worth around £40m - at $55m, more than a third of the 2021 limit his team is allowed to spend on its race programme.

One of the things to come out of yesterday's meeting of the F1 Commission is the news that a working group is being set up to investigate the possibility of introducing a cap on salaries.

"As 2021 sees the introduction of a cost cap for the first time in Formula 1, various topics around controlling costs and how this overall objective can be achieved over the coming years were tabled during the meeting," read yesterday's official statement following the meeting of the F1 Commission.

"As part of this, a working group will be created – including the drivers themselves – to discuss the topic of driver and senior team management contracts."

Oh to be a fly on the wall for that one... could make the infamous Handforth Parish Council Zoom meeting look like a tea party.

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READERS COMMENTS

 

1. Posted by Steve W, 13/02/2021 22:31

"I don't agree with this. Who decides what is too much? Why not just cap every person's salary to 60% of what they're making now? After all, it would be cheaper..."

Rating: Negative (-1)     Rate comment: Positive | NegativeReport this comment

2. Posted by ZJAY, 13/02/2021 12:05

"So it is ok for companies to make unlimited profits but people salaries should be capped. So people should become companies and hire their services as consulting companies. The alternative government collects all revenues from all companies and distribute fixed equal salaries to everyone. Universal equal pay. "

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3. Posted by jo6pac, 13/02/2021 1:01

"Pay drivers should be capped also"

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4. Posted by TSGoodchild, 12/02/2021 17:08

"F1 is the leading motorsport and should attract the best drivers in the world - and they should be paid handsomely. The budget cap I hope reduces the need for teams to rely on drivers with rich parents...using a budget cap to cap a drivers pay is totally the wrong way to go."

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5. Posted by SexyLadyRacer, 12/02/2021 16:59

"F1 Drivers' salaries are totally nothing compared to the Players' salaries in Football, Basketball, Baseball and others!

I don't think capping the drivers' salaries is a good step for F1! "

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