Formula 1 Prize Money 2023 (Constructors Championship)
The Formula 1 prize money 2023? Is there prize money in F1? How much money do constructors places get in F1? The 2023 FIA Formula One World Championship is one of the biggest motor racing championships in the world. The F1 stands for Formula One cars and the world championship is the 73rd event of the Formula One World Championship. Watch & Bet Motosport Live =>
It is validated by the governing body of international motorsport, the Fédération Internationale de l’Automobile (FIA), as the highest class of competition for open-wheel racing cars.
Drivers and teams are competing in twenty-one Grands Prix for the World Drivers’ and World Constructors’ championship titles. Here we take a look at the Formula 1 Prize Money 2023.
F1 prize money 2023: So how much Formula 1 Prize money is there in the Constructors Championship?
Well, Ferrari will be earning the largest amount of the Formula 1 revenue share. F1 follows a strange revenue share model and we take an in-depth look at how much money there is.
F1’s 2023 revenues are estimated at $1.38bn which is shared among teams and other shareholders. That is a huge amount of money! It is one of the highest-earning sports competitions in the world.
There is huge money in Formula 1 and some estimates suggest it generates up to a billion dollars of revenue. So where does it go? The CVC (parent company of Formula 1 group) is responsible for distributing the prize money. Revenue from one race can range between $100 million to $140 million. Meanwhile, Formula 1 revenue is growing every year. In fact, in 2014 total revenue was around $1.8 billion.
Formula 1 prize money 2023: How does F1 distribute their prize money per race and per constructors?
How much money do constructors get in F1? The F1 distributes total profit to all the teams. However, drivers don’t receive any prize money because Formula 1 drivers are paid salaries by the teams they drive for. So is the money distributed evenly throughout the teams? Well no, is the simple answer.
The Formula 1 revenue is divided into two categories (50% each) and one half goes to Formula 1 teams (prize money fund) and the other half goes to formula 1 group and shareholders.
Do F1 drivers get prize money?
Although F1 doesn’t disclose how much is received by each team, the formula for calculating it has been reported.
The core prize money is equivalent to 47.5% of F1’s underlying profit. It is then divided into two with one half split between the top ten teams in the championship on a sliding scale based on race results>
Formula 1 Prize Money Changes and Resources
Formula One’s yearly prize cash payout is open learning and came to $913 million a year ago. Despite the fact that F1 doesn’t reveal what amount is gotten by each group, the equation for ascertaining it has been accounted for. In any case, it has never become exposed to how much every driver was liable for acquiring. As of not long ago.
The center prize cash is identical to 47.5% of F1’s hidden benefit. It is then separated into two with the one-half split between the best ten groups in the title on a sliding scale dependent on race results. The other half is part uniformly yet is as yet determined by race execution as it just goes to groups that have completed in the best ten of every two out of the previous three years.
The prize money fund 2023
Formula 1 Prize money 2023? F1 divides the money into several parts. (Column 1 payment = F1 divide 23.7% equally for top 10 teams while they divide Column 2 payment 23.7% for teams according to how they finish in the constructor championship). 2.5% goes to Ferrari who has a special contract with Formula One.
Things to know:
- Top ten teams receive the column one and column two payments.
- F1 share column one payments equally among the top 10 teams in the last three years.
- F1 share column two payments through the top 10 teams depending on how they finish in the current constructors’ championship.
- Teams who finish outside the top ten get a column three payment which is around $10 million just for being part of Formula 1.
- All 11 teams earn transportation costs.
Formula 1 money distribution among teams and the stakeholders
So how much do F1 drivers actually earn? Well, that’s hard because the teams decide on how much they will pay their drivers. Usually the money they will give more to the driver who has won the most- through bonuses to their salaries etc. But the highest-earning drivers such as Lewis Hamilton earn around $30 million a year!
Formula One drivers annual salaries (based on 2023) – Formula 1 Prize money 2023
|Pos||Driver||Team||Salary (GBP)||Salary (USD)|
|2||Max Verstappen||Red Bull||£18m||$25m|
|4||Sebastian Vettel||Aston Martin||£11m||$15m|
|–||Lance Stroll||Aston Martin||£7m||$10m|
|–||Kimi Raikkonen||Alfa Romeo||£7m||$10m|
|11||Sergio Perez||Red Bull||£6m||$8m|
|15||Antonio Giovinazzi||Alfa Romeo||£730,800||$1m|
2016 F1 Prize Money distribution
Below we have the 2016 Formula 1 Prize money table. Mercedez won the constructors championship title that time and earned around $148.5 million. Meanwhile Ferrari earns a massive $208 million despite finishing second due largely in part to historic payments.
|1||Mercedes||$42m||$76.5m||$30m (Historical payment)||$148.5m|
|2||Ferrari||$42m||$56m||$90m (Ferrari payment) + $20m (bonus fund)||$208m|
|3||Williams||$42m||$45.5m||$30m (Historical payment)||$117.5m|
|4||Red Bull||$42m||$38.5m||$60m (Bonus Fund)||$140.5m|
|9||McLaren||$42m||$17.5m||$34m (Bonus Fund)||$93.5m|
F1 Drivers records – All-time greatest F1 drivers
Here are all F1 Drivers records and all-time winners records:
|2||Michael Schumacher||1991-2006, 2010-2012||308||91||29.55%|
|4||Alain Prost||1980-1991, 1993||202||51||25.25%|
|7||Fernando Alonso||2001, 2003-2018, 2021-2022*||358||32||8.94%|
|8||Nigel Mansell||1980-1992, 1994-1995||192||31||16.15%|
|Niki Lauda||1971-1979, 1982-1985||177||25||14.12%|
F1 points scoring system for 2023 explained – and how many points the race winner gets
There are as many as 26 points available to the winner of each Grand Prix – but it has not always been that way. In the World Constructors’ Championship, every point matters as teams scrap it out for positions in the table that will go some way to deciding their payout from F1 at the end of the season.
The prize money is not entirely merit-based – a percentage of the revenue generated by the championship is shared equally among the 10 teams – but there is a significant part of the money, understood to be 23.75 per cent of F1’s overall profit, that is awarded based on where teams finish in the WCC standings.
The champions are understood to be awarded around $66million (£51million) while last place, Williams in 2019, gets around $15million (£12million).
F1 points in 2023
So to make sure you know what they are all chasing on a Sunday afternoon, here is a breakdown of how championship points will be awarded in 2023.
- 1st: 25
- 2nd: 18
- 3rd: 15
- 4th: 12
- 5th: 10
- 6th: 8
- 7th: 6
- 8th: 4
- 9th: 2
- 10th: 1
There is one bonus point available for the driver who records the fastest lap of the race. However, they must also finish in the top 10 in order to qualify for the point. This is to stop all the drivers outside the top 10 pitting for fresh tyres in the last few laps in an effort to set a fastest lap, which would compromise the integrity of the race.
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