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2016 F1

F1 teams’ prize money revealed

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Three Formula One teams earned more than $100 million in prize money in last year. Autosport revealed — 2016 Formula 1 team prize money details. Ferrari will receive more money than any other team in Formula 1 for its 2015 performance despite finishing second in the championship.

Formula 1 teams’ prize money revealed

Formula 1 teams’ prize money revealed [Credit – Autosport.com]

COL 1 – Payment are based on a team’s classification over two of the past three years
COL 2 – Payment are based solely on a team’s 2015 classification
CCB – Constructors’ Championship Bonus
LST – Long-Standing Team

Prize money is determined by a team’s position in the standings at the end of the year. Teams which finish in the top ten are the only ones which receive prize money and, crucially, it is paid during the year after the season it is earned in.

So this year the teams will receive money based on their positions in the 2015 season. Last year they got money relating to the 2014 championship and British newspaper the Daily Telegraph revealed that it came to a total of $863.1 million.

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2014 F1 teams’ prize money

2014 F1 teams’ prize money

No $10m start-up bonus for Haas F1 – Bernie

Haas will not get the $10 million start-up bonus that was paid to F1’s most recent team newcomers.

To entice the three new teams – known originally as Virgin, Team Lotus and Hispania – onto the grid for 2010, the bonus was paid by Bernie Ecclestone because teams only get official income based on performance from the previous year.

“There’s no money in the first year,” the F1 supremo told F1 business journalist Christian Sylt in London.

But even the $10 million will now not be offered to Haas.

“It’s not the end of the world for Haas,” Ecclestone is quoted by Forbes. “When they come into formula one they know. They asked to come in. Nobody asked them.”

F1’S ROLLING STONES

SKY SPORTS reported F1 CEO Bernie Ecclestone has described Ferrari as F1’s “version of The Rolling Stones” while defending the premium paid to the team in recognition of its status as “F1’s oldest team.” Ecclestone said that he would “not have any qualms” if the near $1B prize pot was divided up differently in future — although he suggested “Ferrari is Formula 1” and “still warranted a special status.”

He said, “As far as we’ve concerned, this year we will pay the teams collectively close on a billion dollars. So it really wouldn’t make any difference to us who gets that money. No difference at all. If it’s shared equally it’s alright. If it’s shared in a way like Ferrari benefit a bit because they’ve been racing a lot longer than anybody else.

And in the end, Ferrari is Formula 1, so they should be [paid more]. If we were pop people I’d want to have The Rolling Stones because they’re the number one” [SKY SPORTS]

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