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Formula One F1 – British Grand Prix – Silverstone Circuit, Silverstone, Britain – July 15, 2021 (L – R) Alpine’s Esteban Ocon and Fernando Alonso, McLaren’s Daniel Ricciardo and Lando Norris, Mercedes’ Lewis Hamilton and Valtteri Bottas, Red Bull’s Max Verstappen and Sergio Perez and Aston Martin’s Lance Stroll and Sebastian Vettel pose during a promotional photoshoot for the unveiling of the new 2022 F1 car REUTERS/Andrew Couldridge
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Formula One F1 – British Grand Prix – Silverstone Circuit, Silverstone, Britain – July 15, 2021 (L – R) Alpine’s Esteban Ocon and Fernando Alonso, McLaren’s Daniel Ricciardo and Lando Norris, Mercedes’ Lewis Hamilton and Valtteri Bottas, Red Bull’s Max Verstappen and Sergio Perez and Aston Martin’s Lance Stroll and Sebastian Vettel pose during a promotional photoshoot for the unveiling of the new 2022 F1 car REUTERS/Andrew Couldridge
It is a known fact that F1 is one of the most expensive sports in the world. Not only does the sport receive hefty revenue from each racing event, the drivers and the teams, too, consequently receive hefty pay from it.
As of now, reports claim that the estimates of the 2021 season’s revenue could potentially shoot up to a whopping $1.38 billion. Each event manages to provide a turnover of at least $100 million and could go up to $140 million. F1 splits this revenue into two categories.
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While half of it goes to the Formula 1 group and the shareholders, the rest lands on the teams, depending on their position on the standings.
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Formula One F1 – Hungarian Grand Prix – Hungaroring, Budapest, Hungary – August 1, 2021 Mercedes’ Lewis Hamilton leads at the start of the race Pool via REUTERS/Peter Kohalmi
Ultimately, this transaction of funds between F1 and its teams most probably takes place over the business end of a season.
And these estimates center around the yearly pay. So, what about an event? Does a driver or a constructor receive price money for securing a win or a podium?
Well, although many believe that F1 offers price money for each event, the truth is the other way around. Neither drivers nor constructors cherish prize money from F1 apart from the usual trophies and the champagne.
Is there a way F1 drivers can earn from their performance over an event?
While constructors don’t receive any bonuses from the sport for race wins, their drivers, do have the option of receiving such hikes in salaries. How you might ask?
Well, when it comes to the drivers, their source of income depends entirely on the team, and are nowhere connected to F1 directly.
This means that a driver can demand his team for bonuses ahead of signing a contract. Hence, if and when the driver hits the team’s requirements over that specific season, he will receive the bonus, which will be added up along with the general on-track salary.
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Formula One F1 – British Grand Prix – Silverstone Circuit, Silverstone, Britain – July 18, 2021 Red Bull’s Max Verstappen leads at the start of the race ahead of Mercedes’ Lewis Hamilton REUTERS/Peter Cziborra
For instance, it would be a dream for a mid-field team to watch their driver(s) stand on the podium spraying champagne.
Hence, if such a driver, hailing from a team that are almost incapable of competing for podiums on a frequent basis, manages to accomplish the feat, he might enjoy a hike in the salary through the category of bonuses.
But, the ultimate answer is, No. The drivers will not receive instant price money for winning a Grand Prix, and would rather have to wait until the end of the season.
Watch Story: F1 Driver Salaries Revealed: How Much Do Lewis Hamilton & Co. Earn?
