Formula 1 has put around half of its staff on furlough as a result of the hiatus in racing caused by the global pandemic.
The championship organisers’ have around 500 staff based in St James’s Market, London, and Biggin Hill in Kent.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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Dex
7th April 2020, 11:05
I don’t think F1 will take place at all in 2020. I’d be sad as I’ve been a fan since the 60s, but I just cannot see countries opening up their borders too early.