The short-time work has now caught also Formula 1 itself. The bosses also face a cut of their wages.
After McLaren, Williams and Racing Point, the Corona crisis also sents Formula 1 into furlough now. About half of all employees have to accept cut wages. In the short-time work scheme in England, 80 percent of income is covered by the state – but only up to a limit of £ 2500 per month.
More than 400 employees work in the Formula 1 headquarters in London’s Soho district and in Kent, where the TV crew is based. The management team around Chase Carey and sports director Ross Brawn also reportedly waived 20 percent of their earnings. According to the Daily Mail, Carey is said to earn “several million pounds” a year.
Not everyone in England supports the measure of F1. Background: The government program is actually aimed at small and medium-sized companies and not a billion dollar business like Formula 1. In 2019, Liberty Media generated 2.022 billion euros in sales.
However, this year the premier class will lose entry fees of up to $ 50 million per race.