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Mar 12, 2024 · In 2022, Formula 1 generated a staggering $2.57 billion, with approximately 45% allocated to the prize pot. This translates to around $1.15 billion distributed among the teams based on their performance in races and their position in the Constructors' Championship.
- Wade Mcelwain
Nov 24, 2024 · F1 prize money: How much do drivers earn? In Formula 1, the distribution of prize money is determined by the finishing positions in the Constructors' Championship standings.
- Joshua Mayne
- Red Bull. Max Verstappen. Win more, earn more. Verstappen will be paid $55 million this year as he races in his second season as the reigning champion. If he delivers and guides Red Bull to another drivers' and constructors' championship, he will be well worth the money.
- Ferrari. Charles Leclerc. Last season's runner-up Leclerc has been rewarded for his strong showings, in line to make $24 million this year. His salary makes him the third top earner on the 2023 grid.
- Mercedes. Lewis Hamilton. Hamilton's ability, experience and star power will see him earn $35 million this season. Despite not winning a race last year and finishing an underwhelming sixth place in the standings, his record in F1 speaks for itself.
- Alpine. Esteban Ocon. Ocon will earn $6 million in his fourth season with the Renault-owned team. Whilst his championship finishes - 12th, 11th and 8th - have been slightly underwhelming, he has performed consistently for Alpine.
- How Formula 1 Makes Money
- Performance Dictates Team Compensation
- Investments and Sponsorships
- Drivers
Formula 1 brought in a total of $2.57 billion in 2022, driven by record attendance and expanded global viewership, according to an earnings report from F1’s owner, Liberty Media (FWONK). In June 2022, F1 renewed their contract with ESPN through 2025, in a deal estimated to pay $75 to $90 million a year for U.S. media rights, according to the Sports...
So how do F1 teams make money? Essentially, teams are funded based on how well they score per season. However, since teams with bigger budgets have tended to perform better and shut out teams that had smaller budgets, F1 implemented budget caps in 2021 to level the playing field and limit team spending. The spending cap was $145 million when the ru...
F1 teams also make money through sponsorships and investments from car manufacturers. For example, in 2019, Mercedes’ parent company, Daimler, put $80 million into the team to help them in the Constructors Championship.Car manufacturers look at F1 as a marketing tool, hoping winning teams will make their cars more appealing to people. However, spon...
Each F1 team has two drivers who are paid by their teams. Driver pay is not part of the team budget cap.Drivers are paid a base salary, earn bonuses based on their performance on the track, and earn money from sponsorships and endorsements. For 2023, the salaries for F1 drivers range from $1 million to a lofty $55 million. Red Bull’s Max Verstappen...
- Max Verstappen - $40 million salary, $20 million bonus. There can be little surprise that Verstappen's contract is the most lucrative in Formula 1, having claimed the Championship in two consecutive seasons.
- Lewis Hamilton - $55 million salary. Having claimed 7-World Championships in Formula 1 -including six for Mercedes - Hamilton's blockbuster earnings are to be expected.
- Fernando Alonso - $30 million salary. At 41 years of age, Alonso continues to demonstrate that age is not always a limiting factor in performance. Alpine was willing to splash the cash to secure the Double Champion's return, although they have failed to maintain his services for the long term.
- Sergio Perez - $10 million salary, $16 million bonus. Perez has proved an integral part of Red Bull's recent Championship success, earning him a significant contract with the Austrian squad.
Feb 26, 2024 · F1 drivers earn a basic salary, displayed in the list above, but can also pocket bonuses for race wins and championships.
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Apr 4, 2022 · Most Formula 1 drivers make over one million dollars per year. However, there are major extremes in the salary ranges between drivers, with some earning less than one million dollars and some earning upwards of $40 million per year before taking into account sponsorships and bonuses.
