Formula 1 confirms new prize-fund plans

Formula 1

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Formula 1 confirms new prize-fund plans

Smaller teams set to "make a small profit"

Ian Parkes

Tuesday 5 May 2020 11:59 Updated: 17:55

Formula 1's midfield teams should be able to make "a small profit" under Liberty Media's new prize-fund plans.

At present, as part of the revenues distributed to teams by Liberty Media, there is a sliding scale of payments from the first to last in the constructors' championship.

In 2019, for example, champions Mercedes earned $66millon for claiming the title, while Williams received only $15million for finishing 10th.

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F1's managing director of motorsports Ross Brown has confirmed there will be "a much more equitable prize fund in the new agreement" that is currently being drawn up between Liberty Media and the 10 teams.

Speaking to Sky Sports, Brawn claims that in conjunction with the new cost cap - scheduled to be $145million for introduction next year - the smaller teams should finally be in the black rather than continually running in the red.

$145m budget cap for Formula 1 in 2021Read more

"The midfield teams, in particular, are going to be much better off in terms of the portion of the prize money," said Brawn.

"It's being balanced in every direction - we're reducing the amount of money that can be spent in Formula 1, and we are improving the distribution of the prize fund more evenly to teams.

"So a good midfield team should be able to score podiums, maybe a win, and it should make a small profit, and if we can achieve that then we've a very sustainable future."

Liberty recently announced a redistribution of its own assets, effectively propping up F1 with a $1.4billion lifeline.

Brawn is confident that should prevent any teams withdrawing from the sport due to the financial issues being posed by the current crisis.

"We'll judge at what level we should support the prize fund in the next six to 12 months because obviously we want to keep Formula 1 alive. If we lose teams in this period it will be a tragedy," added Brawn.

"We've been working very hard on a fair and equitable way amongst the teams. Liberty have shown their strength by creating this fighting fund, and we just need to see how things now develop.

'All teams are effectively in FIA lockdown, in place until the end of May. We need to know what the calendar looks like, and what the income is like for the rest of the season, and then sit down with the teams to see how we can find a way of making sure we can continue on this journey because the future looks so good.

"It would be frustrating if things fell by the wayside now. We don't want that. We've 10 very good teams in Formula 1, and we want to keep it that way."