Formula 1 organisation has to send staff on leave and cuts salaries
Breaking News
- GPblog.com
After McLaren, Racing Point and Williams, Formula 1 has now also announced that it has sent a large part of its staff on leave. The coronavirus also has an impact on the leadership of the sport.
Motorsport.com is able to report that about half of the staff of the Formula 1 organization has been sent on leave and that the rest of the staff, as with the F1 teams, will also face a reduction in salary. CEO Chase Carey will reportedly voluntarily surrender part of his salary, whereas the rest of the staff will have to surrender 20 percent.
The F1 also has to surrender
Formula 1 is currently struggling with the effects of the coronavirus, which completely restricts the sport and therefore its revenues. Now that F1 has already postponed or even cancelled several races, the money from those organizers will have to be paid back over time and the teams will still have money.
The F1 teams still have to get the money of the 2019 season, where, according to Motorsport.com, some 1012 million dollars can still be distributed among the ten teams. In addition to all these costs, the F1 also has a mountain of fixed costs and since the acquisition of Liberty Media in 2017 it has seen its staff drastically increase with already 400 people at the main location in London or Kent.