Formula 1 chief Chase Carey is taking a “20 per cent” pay cut but that doesn’t seem to have appeased his furloughed staff.
Formula 1, and the world as a whole, is facing an unprecedented crisis.
As the coronavirus continues to wreck havoc around the globe, resulting in almost 75,000 deaths, countries remain in lockdown and the world’s sport is on hold.
This has already led to the UK-based McLaren, Williams and Racing Point F1 teams announcing that they would take up the government’s furlough option, putting staff on paid leave of which the UK government pays 80 per cent of their salaries.
Added to that both F1 teams said management and the drivers had taken pay cuts to help the teams survive financially.
Now Formula 1 has jumped on board.
According to the Daily Mail, F1 boss Carey has ‘slashed his own salary by 20 per cent as part of a major cost-saving operation in the organisation’.
Formula 1 has also put half of its 500 staff on furlough with the Mail reporting that ‘regular staff are said to be disgruntled by their treatment’.
While no one knows exactly what Carey earns, it is said to be in the millions of pounds.
Carey has been joined on the pay cut list by 15 directors, including Formula 1 sporting boss Ross Brawn.
They will all take a 20 per cent cut for the next two months with the situation to be re-evaluated later.
Formula 1’s finances have suffered a big blow in the last two months with shares on the Nasdaq plummeting to $19.97 last week. They have since recovered to $21.67.
The 2020 Formula 1 season is yet to get underway with Canada mooted as the opening race but a decision on that is expected later this week.