Unlike many other sports, competing in Formula 1 comes with an entry fee, which varies depending on the performance of the team or driver in the previous season.
There is a set fee for signing on the to upcoming season, along with an extra charge for every point scored in the year just gone.
It has now been revealed that the FIA have pocketed an astonishing $26.7m in entry fees alone ahead of the 2023 season, with 10 teams and 20 drivers now signed on for this year.
With regards to the teams, there is a set entry fee of $617,687 that must be paid, while every point scored last year will set the teams back an extra $6,174.
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This means that Williams will pay a total of $667,079 to compete in F1 this season, having only scored eight points last year.
2022 runners up Ferrari will pay an eye watering $4,038,083 on the other hand, with their mightily impressive 554 points scored last season costing them millions of dollars.
Red Bull will have to deal with a further premium as well, as the champions have to pay $7,411 per point rather than the $6,174 of the other team, due to the fact that they won the championship.
This means that the team’s bill comes in at $6,242,636, and this does not even include the fee needed to be paid to allow Max Verstappen and Sergio Perez to compete.
The driver fees operate on a similar system, with $16,236 to be paid as standard followed by $2,100 per point, with no championship winner’s premium.
This means that drivers such as Pierre Gasly will only have to pay $64,536 to race for Alpine this year as a result of his struggles last year with Alpine, while championship winner Max Verstappen will be set back a ridiculous $969,636.
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“I don’t think it’s right that we have to pay so much,” said Verstappen when asked about the entry fees.
“It’s not the case in other sports either. And there are more and more races.”
Many drivers have a clause in their contract that forces the team to cover or at least subsidise their fees, with Red Bull believed to be covering Max Verstappen and Sergio Perez’s costs.
With there being more and more races every year, there are more points available over the course of the season, meaning these fees will continue to increase year after year.