In the realm of Formula One, a sport characterized by its high stakes competition and technology, the financial dynamics extend far beyond the individual capability of a driver.The collaborative teamwork is critical and hence the FIA makes sure that each member of the team gets paid well.
In the current season, Red Bull has asserted its dominance in the industry. However, triumph in Formula 1 comes with a cost as well. Red Bull is mandated to pay a sum of $7,500,000, according to FIA officials.
Red Bull set to pay $7.5 million fee
So far, Red Bull has undoubtedly marked its dominance on the grid by scoring a 1-2 finish in the drivers standings’ for the first time ever, which became an unfortunate scenario for the rest of the teams. For that, Red Bull has to pay a staggering price of $7.5 in registration fees ahead of the upcoming season.
Throughout the season, Red Bull’s collaborative efforts scored an impressive 860 points, a testament to their dominance. Together, the team has secured a total of 21 victories out of 22 races, 19 by Max Verstappen and 2 by Sergio Perez.
💰 | Red Bull's 2024 F1 entry fee will be approximately $7,445,817
— RBR News 🇳🇱🇲🇽 (@redbulletin) November 27, 2023
The fee has been increased due to inflation over the years since 2013 when entry fee is first introduced.
Base fee: $500,000 → $657,837
Per point scored: $5000 → $6575
Per point scored by WCC champion: $6000… pic.twitter.com/HTbzoMtxrY
Checo played a huge role in making this dream a reality by concluding the season with an applauding pace.
However, the cost of this triumph is gathered in an entry fee of $7.5 million approaching the 2024 season. The financial calculation is outlined by Motorsport’s Jonathan Noble, who reveals that each team incurs $6,575 per point scored, along with a basic fee of $657,837. However, the constructors champion, Red Bull, has to face an exaggerated rate of $7,893 per point scored.
When asked about the matter, Christian Horner said, “It’s a luxury problem because we’ve had to add points to generate the bill. Fortunately, it’s under the budget limit. But, yes, it’s a big check to the FIA.”
F1 entry fee calculation explained
The financial obligation, due by December 10, surpasses the combined fees of the second and third-place teams.
🚨| The record-breaking Red Bull season also leaves them with a record-breaking entry fee for the 2024 season.
— Formula World (@Formula_World__) November 27, 2023
After smashing the previous record held by Mercedes during the 2016 season with 765 points, the entry fees for next year's season would resume to this:#F1 pic.twitter.com/2WSmikJDcx
Mercedes, the runner-up team, has to cover a fee of $3.4 million, while Ferrari, securing the third spot, faces a fee of $3.3 million. Red Bull, being the most dominant team, is tasked with an extreme fee of $7,500,000, which will continue to rise if they score more points in the upcoming seasons.
Do you think the method by which the entry fee is collected is fair? Let us know in the comment section below.
