Winning Big: Formula One Driver Bonuses Revealed
The 2021 Formula One season is the most watched in the US. The sport is growing in popularity, but there are still many unknowns about it, including how much the top-performing drivers earn.
Formula One is quite secretive about how much their drivers earn. However, they do release their method for calculating prize money. Half of the prize is distributed to the teams that ranked in the top 10, the other half goes to shareholders and Formula One group. The prize comes from Formula 1's profits, taking about 47.5% of an event's profit. For the year 2022, Formula1's revenues are expected to reach $1.3 billion. About 23.75% is given to each team based on their finish in standings. Ferrari got an extra 2. 5% bonus for winning a special deal.
Formula One drivers do not receive any prize money from the league when they win an event. Instead, the prize goes to the driver's team. The team pays the drivers a salary determined through the contract they sign. Drivers also receive payments through endorsements and other deals negotiated separately from team contracts.
Lewis Hamilton earns $55 million per year. Max Verstappen earns about $25 million. Sebastian Vettel earns around $15 million, Charles Leclerc $12 million and Valtteri Bottas $10 million in 2021. Carlos Sainz earns almost $8 million for Ferrari. Sergio Perez earns nearly $5 million at Red Bull. Lando Norris earns just $3 million with McLaren.
Lewis Hamilton is the most valuable driver in Formula One. Max Verstappen, Fernando Alonso, Sebastian Vettel, Charles Leclerc, Valtteri Bottas, Daniel Ricciardo, Carlos Sainz, Sergio Perez, Lando Norris are also big winners.
The 2021 Formula One Driver Bonuses will be announced soon.
Lewis Hamilton is the highest-paid Formula One driver, earning $7 million. Max Verstappen earns $17 million, Sergio Perez $13 million and Sebastian Vettel $0 million in bonuses.
Lewis Hamilton, Max Verstappen, Sergio Perez, Fernando Alonso, Sebastian Vettel, Charles Leclerc, Valtteri Bottas, Daniel Ricciardo, Lando Norris and Carlos Sainz are the Formula One drivers with the most prize money.
There is a new budget cap for Formula One. The cap is limited to $145 million for 2021 season and $135 million by 2023. Driver salaries are not included in this cap.
