F1 News
This is how much it costs each team to enter Formula 1
Competing in Formula 1 costs a hefty chunk of money, that's no secret. How much it costs to enter depends on how many points you scored the season before. The more points you scored the season before, the more expensive it is to join next season. Below you can read how much each team has to pay to compete in Formula 1 in 2024.
Pay per point and minimum amount
In 2013, a 'Concorde Agreement' was observed. Part of this was that each team's entry fee was determined based on the number of points they had scored in the previous season. The minimum amount was $500,000 with $5000 added for each point scored. Except for the constructors' champion, that team was allowed to pay $6,000 per point scored.
Because of inflation, those amounts have risen considerably over the past eleven years. The minimum amount is now the very specific amount of $657,837. A team now pay $6575 per point gained, except for the constructors' champion. For Red Bull, the price this season is $7893 per point. The amount of almost $7.5 million is therefore a record.
Entry fees Formula 1 2024
10. Moneygram Haas F1 Team - $737,000.
9. Stake F1 Team - $763,000.
8. Visa Cash App RB - $822,000.
6. BWT Alpine F1 Team - $1,450,000.
5. Aston Martin Aramco Formula One Team - $2,500,000.
4. McLaren Formula One Team - $2,640,000
3. Scuderia Ferrari Formula One - $3,330,000
2. Mercedes-AMG PETRONAS F1 Team - $3,350,000
1. Oracle Red Bull Racing - $7,450,000.
All these sums added up to a hefty $23,857,000. That can be converted to around 18.8 million pounds.