04/03/2015
NEWS STORY
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.