File picture: Reuters.
File picture: Reuters.

F1 bosses take pay cut, regular staff disgruntled - report

By Staff Reporters Time of article published Apr 7, 2020

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London - Formula One boss Chase Carey has slashed his own salary by 20 percent as part of a major cost-saving operation in the organisation.

His salary figure is a guarded secret but it is thought to be several million pounds a year.

The London-based company have put half of their 500 F1 staff on furlough this week, it can be revealed.

As well as American chief executive Carey, F1’s motor-racing chief Ross Brawn and 15 directors will take a 20 per cent trim for two months. Regular staff are said to be disgruntled by their treatment.

Teams follow similar course

The coronavirus pinch is being felt along the paddock with British teams Williams and Racing Point following McLaren into furlough.

As previously reported, Williams has announced that British driver George Russell and Canadian rookie Nicholas Latifi will take a 20% salary reduction.

Silverstone-based Racing Point said Canadian driver Lance Stroll, whose billionaire father Lawrence owns the team, and well-sponsored Mexican Sergio Perez would also take voluntary wage cuts.

McLaren furloughed staff across the group last week with drivers Carlos Sainz and Lando Norris also having their pay reduced temporarily for a three-month period.

Williams, the former world champion that finished last in 2019, said in a statement its move was "part of a wider range of cost-cutting measures.

"The furlough period will last until the end of May whilst senior management, and our drivers, have taken a pay cut of 20% effective from April 1."

"These decisions have not been taken lightly," Williams said. "Our aim is to protect the jobs of our staff... and ensuring they can return to full-time work when the situation allows."

The 2020 Formula One season was scheduled to begin in Melbourne last month but is yet to get underway after the pandemic wiped out the Australian and Monaco Grands Prix.

Races in Bahrain, Vietnam, China, the Netherlands, Spain and Azerbaijan have also been postponed, with a reduced schedule of races unlikely to start until the European summer at the earliest.

Formula One teams have already agreed to delay until 2022 significant technical rule changes planned for 2021 and use the same cars next year to save money.

McLaren boss Zak Brown warned at the weekend that Formula One is in "a very fragile state" and risks losing some of its 10 teams unless some big changes are made. 

Daily Mail & Reuters

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