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Carey takes pay cut as F1 furloughs staff

Carey takes pay cut as F1 furloughs staff

Carey takes pay cut as F1 furloughs staff

Carey takes pay cut as F1 furloughs staff

Chase Carey has agreed to take a voluntary pay cut, while around half of all Formula 1 staff have been placed on furlough.

Three teams in McLaren, Williams and Racing Point have already adopted the same measures, with F1 doing likewise to ensure that as a business it survives the current crisis.

F1 Group CEO and chairman Carey's cut is undisclosed, although it is understood to be a minimum 20%, while other senior figures, including managing director of motorsports Ross Brawn, are believed to be at 20%.

As an organisation, F1 has a 500-strong workforce across two locations in London and Biggin Hill, with between 200 to 250 of those now on furlough.

The government scheme protects jobs, with employees being paid 80% of their monthly salaries, up to a maximum of £2500 per month, until such time as they are able to return to work.

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