Unlike other sports, competing in Formula 1 is not free, as drivers must pay to renew their super licence, while each team must pay an entry fee into the competition.
The standard fee for entering a Formula 1 season is $617,687, meaning that right off the bat, teams will have to fork out a small fortune just to take part in Formula 1.
Teams will then have an additional fee added to their cost, with each constructors’ championship point earned in the previous season adding $6,174 to the bill.
This means that Williams, who scored the least amount of points in 2022, will pay a total of $667,079 to take part next season, while midfield finisher McLaren, who racked up 159 points last season, will pay $1,599,353.
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The bad news for Red Bull is that there is a premium to be paid after the energy drink giants stormed to the title in 2022, as the rules state that the champions must pay $7,411 per point scored rather than the $6,174 paid by their rivals.
Red Bull’s dominance last season saw them score an astounding 759 points, meaning that their total bill to sign up for 2023 comes to an eye-watering $6,242,636.
Having won the constructors’ championship eight times in a row, Mercedes’ accountants might be quietly relieved that their bill will be nowhere near as high this Christmas, not having to pay that champion’s premium fees.
With regards to super licence renewal fees, drivers will be forced to pay €10,400 as a base cost, followed by €2,100 for ever point gained in the previous season.
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This will once again not please Red Bull, as Max Verstappen’s stellar season saw him break the point scoring record on his way to his second consecutive title.
The Dutchman’s record 454 points mean that he will have to pay €969,800 to keep his super licence, while the likes of his former teammate Alex Albon, who scored four points in 2022, will only have to pay €18,800.
While the fee of almost one million euros will come as a shock to Verstappen, it is rumoured that the majority of driver’s contracts include a bonus per point scored in order to help subsidise these massive fees that are paid prior to the start of every season.