The FIA European F3 has declared its decision to increase its end-of-year prize money fund to a total of 500,000 Euros, know about the pool distribution of the F2 championship
A fifth of this amount will now go to the champion of the series if he moves to another “FIA championship. The prize money programme introduced by the continental F3 category in 2016 has now been expanded.
F2 And F3 Championship Prize Money Distribution For The Winner And Drivers Salary
European F3’s new prize money hike has seen a further increment of 200,000 Euros which will trickle down to the series’ teams “as per performance distribution scale”.
As for the champion, he will earn a reward of 100,000 Euros, given that he moves to a different FIA-run series. According to a media spokesperson for the Eurpean F3 series who confirmed to Motorsport.com, drivers that are moving on to F1 feeder category GP2 or its own feeder GP3 will not be eligible for the prize money amount.
Since it’s rebranding in 2013, European F3 had one champion who moved to GP2 in Raffaele Marciello along with another switching to GP3 in Esteban Ocon. As of now, there are no active junior single-seater championships ranked above European F3 as per points awarded towards the FIA Super Licence. Although there are chances of that changing if long-standing plans to introduce an FIA Formula-2 category finally work out.
‘’The general economy in single-seater racing makes it necessary for us to continue to work on the value of the championship for drivers and teams,” as spoken by Stefano Domenicali, FIA Single-Seater Commission President.
F2 And F3 Salary
Stefano also went on to say that with the newly-introduced prize money incentive, which has already been awarded to the rookie drivers in 2016 and will be extended to the teams from 2017, the commission wants to establish some financial assistance for their competitors. By doing so, teams will be able to broaden their search for drivers and even provide seats to young talents who might have difficulties with some funding.
The rookie championship prize money which was introduced in 2016- 100,000 Euros awarded to the top newcomer and 50,000 Euros each for second and third place-would only be payable if the drivers stayed in the series for a second year.
The drivers who compete in Formula 2 and Formula 3 are considered junior drivers and they earn between $225 and $500 per day and $5000 for a race. It costs $750,000 to run a F2 team annually while the same cost comes in at $20 million for a F1 team.
Teams earn through sponsorship and by being paid by drivers to secure seats with the cost on average needed to pay by a driver being $1.85 million.