· F1 driver salaries and the cost cap. From the beginning of the season, Formula 1 introduced a cost cap, designed to level the playing field across the teams’ finances. Each team will be able to spend a maximum of $million throughout the season. However, this only applies to ‘performance-related costs’. 1 day ago · Formula 1 driver salaries reportedly range from $, to $55 million. Source: Getty Images According to Forbes, Lewis is the highest-paid Formula driver with a salary of $55 million and $62 million of projected on-track earnings for this year. · F1 drivers’ salaries are huge, but that’s not the entire story. Contracts often include performance-based bonuses. This might be where a driver receives a sum based on winning a race, scoring a certain number of points, or finishing above a certain position.
F1 driver salaries and the cost cap. From the beginning of the season, Formula 1 introduced a cost cap, designed to level the playing field across the teams’ finances. Each team will be able to spend a maximum of $million throughout the season. However, this only applies to ‘performance-related costs’. The year-old Englishman’s last contract cements his status as Britain’s biggest sporting earner as well as the best-paid driver in Formula 1 history. Max Verstappen signed a multiple years contract with Red Bull worth € at the beginning of Take a look at Formula One racers’ annual earnings rankings for the season . The Formula 1 season is slowly starting to take shape following the announcement that Lewis Hamilton will drive for Mercedes, and we now know how much each driver will earn as well. Hamilton is the top earner, collecting a cool $30 million this season excluding bonuses. Max Verstappen comes in second with $25m, while the returning two-time world champion Fernando Alonso rounds out the podium by taking home $20m a year.
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