The Mercedes F1 Team finally announced on 8 February that it had agreed a contract extension with seven-time World Champion Sir Lewis Hamilton.
The deal only covers the 2021 season, and it is believed the Brit will be paid a base salary of circa £35 million.
Reacting to Hamilton’s salary demands and plans for Formula One to introduce a driver salary cap, senior Red Bull advisor Dr Helmut Marko told Germany’s RTL broadcaster that “Hamilton is just too expensive for Formula 1.”
Continuing, the Austrian said he is in favour of the sport capping F1 drivers’ salaries.
Formula One teams will have to operate within a $145 million budget cap in 2021, but this doesn’t include drivers’ salaries, in addition to a few other expenditures.
This cap will fall to $140 million in 2022 and $135 million in 2023, and the sport is also considering adopting a separate driver salary cap.
This matter was discussed in the latest meeting of the F1 Commission which took place on Thursday and saw teams express their support for an engine freeze and sprint races.