Have a look at the 2023 F1 prize money pool, how much will the drivers and constructors title winner win this season
In Formula 1, there has always been a lot of money. This year’s Formula One World Championship is no exception, with increased prizes going to both the drivers and the constructors.
F1 2023 winner prize money structure breakdown: How much drivers and teams will win
The prize pool that is distributed around the grid in 2023 based on the outcomes of the previous year is worth a total of more than $900 million out of the about $2.2 billion in total F1 prize money.
The contenders for the individual title, including Max Verstappen, Lewis Hamilton, and Charles Leclerc, as well as the constructors Red Bull, Mercedes, and Ferrari, will each receive a sizeable sum of FIA money.
How much money does the constructors championship winning team in Formula 1 earn?
Formula 1 allocates its money to the constructors rather than compensating individual drivers. As their teams are in charge of covering their salaries, drivers are not actually given any awards.
The constructors’ championship-winning team receives the highest payout, while the team that finishes 10th in the standings receives the lowest. Very straightforward in comparison to other, more complicated payments being made, such as bonuses.
Mercedes, for instance, won the constructors’ championship and $135 million in 2020.
Naturally, the teams also make money in other ways. Also, there is a lot of money to be generated via sponsorships, sales, and commercial agreements.
Who wins the most cash?
The overall standings, points classification, and the total F1 income split must all be taken into consideration when calculating how much money the constructors earn.
Yet according to the eighth Concorde Agreement (2021), which the teams all signed, the disparity between the sums received by the top and bottom clubs has decreased in terms of straightforward performance-related compensation.
Today, the winning team receives 14% of the total reward money, while the losing team only gets 6%. In the past, the top team received 20% while the poorest team only received 4 and this agreement is sealed until January 2025.
Although Formula 1 withholds the specific financial information, it is known that the most recent Concorde Agreement contains a provision stating that teams who have won one constructors’ title will receive a basic bonus while teams who have won two or more constructors’ titles will receive larger bonuses.
Drivers’ F1 prize money
The thrilling 2021 world championship triumph reportedly increased Max Verstappen’s pay from roughly £19.6 million to £31.5 million, according to reports from the Spanish news website Marca.
Also, according to reports, the remainder of the crew would have divided a £17.5 million bonus among themselves, or an additional £10,000 each, while Mercedes reportedly would have handed Lewis Hamilton a £4 million incentive.