Lewis Hamilton and Sebastian Vettel are set to follow the lead set by McLaren’s Lando Norris and Carlos Sainz by taking pay cuts as F1 is hit hard by the coronavirus pandemic. Hamilton and Vettel earn £40m and £35m a year respectively at Mercedes and Ferrari.
Talks over foregoing some of that cash are already underway as drivers across the grid carry some of the financial burden imposed by the Covid-19 pandemic to help their teams out.
The McLaren Group announced on Wednesday that they are “temporarily furloughing a number of employees as part of wider cost-cutting measures due to the impact of the Covid-19 pandemic on its business.
“These measures are focused on protecting jobs in the short-term to ensure our employees return to full-time work as the economy recovers”.
Sainz and Norris volunteered to slash their respective £2m and £600,000-a-year wages, with McLaren chief executive Zak Brown and other core staff waiving some of their salaries too.
McLaren’s F1 operation has an 850-strong workforce and the furlough, which will start next week, is set to be reviewed at the end of May.
The loss of eight races to the coronavirus pandemic and the subsequent delayed start to the 2020 F1 season will cost Mclaren and all of their rivals millions.
Measures are being taken by all 10 teams to protect as many jobs as possible going forward, with Hamilton and Vettel set to do their bit.
The Daily Mail report the pair of multiple-time world champions, who are both out of contract at the end of the year, are speaking to Mercedes and Ferrari respectively about taking pay cuts.
The percentages involved are not clear at this stage, but a five per cent drop in earnings for Hamilton and Vettel would save Mercedes and Ferrari £2m and £1.75m respectively.
Vettel’s Ferrari team-mate Charles Leclerc is also set to give up some of the money promised in the new £8m-a-year deal he signed over the winter.
Red Bull advisor denies coronavirus camp claims
Coronavirus to force F1 chiefs into drastic changes
Bernie Ecclestone predicts impact of coronavirus on F1
- Lewis Hamilton urged by Ralf Schumacher to give up Mercedes wages
F1 chiefs are now battling to salvage as many races as possible to ensure they can fulfill the obligations of the broadcasting deals they have in place with the likes of Sky Sports.
Chase Carey and co. will miss out on millions of pounds if they stage fewer than 15 Grands Prix this year.
The Australian, Chinese and Monaco Grands Prix have all been cancelled due to the Covid-19 pandemic, while races in Bahrain, Vietnam, Holland, Spain and Azerbaijan have been postponed and await rescheduled dates.
F1 teams are currently taking part in the shutdown period, which has been brought forward from August to ensure racing can run through the summer.
Carey and his colleagues are, though, considering extending the shutdown period – which sees teams’ F1 operations temporarily cease – to the end of next month.
Source: Read Full Article