Formula 1 is known to be one of the highest paying sport in the sports industry. Here is the summary of how the teams decide on how much they should pay the Drivers. Given the fact that there are only 20 drivers in the whole wide world, being able to enter Formula 1.
Well the experience of the driver is definitely important in terms how much the team is gonna pay the driver. Well, given that Kimi Raikkonen is one of the most experienced driver in F1 as well as on the 2021 grid, he is definitely paid more than others, even if he’s in Alfa Romeo, which doesn’t have much income source compared to big teams such as Mercedes and Red Bull.
2. Reputation and Sponsors
Well-known drivers with good reputations like Max Verstappen and Lewis Hamilton is definitely one of the most famous drivers on the 2021 grid. This also attracts more sponsors from companies around the world to ask them to advertise their products. This will be another source of incomes for the drivers. So, it is quite important for drivers to have a good reputation, so that companies will look for them to give them an opportunity to help with the company’s branding.
F1 Drivers receives bonuses from the teams that they drive for. They will set a target for the the driver to encourage them to do their best. Drivers receive bonuses from the teams for every point they got, or for every race win, and even for winning a championship title! It really depends on the contract that the team offers.
Fun Fact: In 2012, Kimi Raikkonen joined Lotus F1 Team and they made a deal to pay Kimi 50,000 Euro for every point that he earned! Kimi Raikkonen ended up scoring 390 points in 2 years, which guaranteed a 19.5 million euro, for his bonus alone. Which almost made Lotus F1 Team go bankrupt. The team manager totally didn’t see that coming 😂.
4. Team Income
Of course, adding to the point that I mentioned before, the driver’s salary also depend on the team’s income. Being in a good team, like Mercedes and Red Bull, can increase the driver’s salary too. With more sponsors and championship wins, the team will be able to afford a higher-paying driver. (unlike Lotus F1 Team 😂)
Whenever a driver enters the cockpit, they are putting their lives at risk. Given that the average speed of F1 cars are 181.29km/h, it might go wrong any second no matter if they are in Qualifying, Race and even Practise sessions. The Romain Grosjean incident that shocked F1, is one of the examples of that. So, we hope for the best for drivers to drive safe.
Thank you for reading this article. If you would like to know the latest news and other interesting facts for F1 and other motorsports, be sure to check out more articles by us at Downforce Motorsport.
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