Formula 1 bosses take a pay cut as half the workforce is put on furlough

Senior figures in Formula 1 are set to take voluntary pay cuts as the organisation puts nearly half of its staff on enforced leave.

F1 chairman and chief executive Chase Carey will take a large voluntary reduction in response to a bleak short term outlook for the sport with race-hosting fees, broadcast rights and sponsorships all under threat.

Other members of the Formula 1 leadership team have agreed to take at least a 20% pay cut while the furloughed staff will be using the job retention scheme that pays 80% of wages up £2,500 a month.

Three F1 teams; Williams, Racing Point and McLaren, have already put a proportion of their staff on temporary leave.

McLaren drivers Carlos Sainz and Lando Norris, Racing Point’s Lance Stroll and Sergio Perez, and Williams duo George Russell and Nicholas Latifi have also agreed to take pay cuts, alongside the senior management of each team.

The BBC’s chief F1 writer Andrew Benson has suggested that some of the less well-funded F1 teams could face a crisis if their funding dries up in the coming months.

This looks increasingly likely with F1 facing refunds to broadcasters and continued running costs, which last year totalled $381m, alongside expected performance payments to teams which many at the back of the grid rely on.

It was reported yesterday that the Canadian Grand Prix, scheduled for June 14, is the latest race to come under threat of cancellation with real uncertainty surrounding plans for the start of the 2020 season.

Chairman Chase Carey has said he hopes to start a reconstituted season of as many as 15-18 races in the summer with suggestions that some of the races could be held behind closed doors to comply with social distancing regulations.

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