Formula 1 has put around half of its staff on furlough as a result of the hiatus in racing caused by the global pandemic.
Senior staff members have accepted 20% cuts in their pay. Chairman and CEO Chase Carey is expected to take a larger voluntary cut.
RaceFans understands the full scale of Carey’s reduction in pay could amount to as much as his entire salary.
The moves comes as growing numbers of teams put their staff on temporary leave after the first eight races of the 2020 F1 season were called off. The sport has brought it mandatory factory shutdown forwards from August.
McLaren, Williams and Racing Point have already confirmed details of furloughs and corresponding pay cuts taken by their drivers and senior staff members.
Formula 1 team representatives participated in a teleconference with Carey yesterday to discuss the sport’s response to the global crisis.
The sport has already agreed to postpone the introduction of radical new technical regulations for 2021, and further measures to alleviate the financial burden on competitors remain under discussion. These could include revisions to the financial regulations which will be introduced in 2021, including a lower limit for the £175 million budget cap.
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2020 F1 season
- Pictures: Wrecked chassis from Grosjean’s Bahrain fireball crash to go on display
- Bottas vs Rosberg: Hamilton’s Mercedes team mates compared after 78 races each
- F1 revenues fell by $877 million in Covid-struck 2020 season
- Hamilton and Mercedes finally announce new deal for 2021 season
- F1 audience figures “strong” in 2020 despite dip in television viewers