Amidst talk of a cash advance to F1's struggling teams it has been revealed that the last of the 2013 prize money was only paid last week.

F1 company documents reveal that “payments of the prize fund are made on the last business day in every month of the world championship season (March to November), with the final payment in respect of each year being made on the last business day of the following February.”

With the start of the 2015 season just over a week away, this means that the teams received their final payment last Friday.

In 2013 the prize fund totalled £518m and the final instalment is usually around 10 per cent, meaning that last week's pay out came to around £51.8m.

Of that £51.8m, half is split equally between the top ten teams with the remainder paid on a sliding scale based on results. The best performers, typically Red Bull, Ferrari and McLaren get more than their rivals, Marussia picking up just £1.3m.

Team budgets average £150m annually and are usually funded by sponsorship and prize money. While sponsorship monies are usually paid in the same year, the year that the logos appear on their cars, the prize money is paid in arrears.

LATEST NEWS

more news >

LATEST IMAGES

galleries >

Click to go to the main galleries section

READERS COMMENTS

1. Posted by Jonno, 04/03/2015 21:55

"Waiting 16 months for their share of the pot can only be described as criminal. How much interest has Bernie earned during that time.
How much longer can F1 continue to play silly B's with the money?"

Rating: Positive (2) Rate comment: Positive | NegativeReport this comment

2. Posted by Editor, 04/03/2015 14:16

"@ Canuck

Of that £51.8m, half is split equally between the top ten teams with the REMAINDER paid on a SLIDING SCALE based on results. The best performers, typically Red Bull, Ferrari and McLaren get more than their rivals, Marussia picking up just £1.3m.
"

Rating: Neutral (0) Rate comment: Positive | NegativeReport this comment

3. Posted by Canuck, 04/03/2015 14:11

"I don't understand why Marussia only gets £1.3m. Half of the £51.8m is roughly £26m - that divided by 10 should give them £2.6. Is my Math wrong?"

Rating: Neutral (0) Rate comment: Positive | NegativeReport this comment

4. Posted by Molyslip, 04/03/2015 12:19

"Surely this is why F1 teams are in such a financial mess. Why should the teams have to wait so long to be paid? CVC must know the incomes/receipts due from the business and they should pay out sooner. This is just as bad a practice as the UK supermarkets taking six months to pay their suppliers AND then asking for a discount before they'll pay. On the basis of F1's payment of bonuses I foresee the problems of financial stress for the non-manufacturer teams continuing. It is so wrong."

Rating: Positive (5) Rate comment: Positive | NegativeReport this comment

Teams receive last of their 2013 prize money

LATEST NEWS

RELATED ARTICLES

LATEST IMAGES

POST A COMMENT

Post your comment

READERS COMMENTS

Share this page