Known for its glamour and grandeur, Formula One has always retained the title of being one of the most expensive sports to ever exist in our time. The king of this sport currently is Max Verstappen who earns the highest salary in the paddock and reaps the greatest benefit.
Due to the freedom given by the FIA by not including drivers’ salaries in the cost cap, F1 teams have been able to secure the best drivers with splurging salaries.
Max Verstappen sets to earn $55million at Red Bull in 2023 season
Max Verstappen, two-time world champion is paid a whopping $ 55 million per season as per the contracts with RedBull. While Verstappen’s earnings on the racetrack are expected to be a whopping $55 million, it comes with an extra $4 million from endorsements, according to Forbes.
It is also reported that Verstappen earns “lucrative bonuses” from Red Bull for winning races and championships. Verstappen is the highest-paid driver in the sport all thanks to his contract with the Red Bull racing team, which expires at the end of the 2028 season.
Lists of Top 5 Formula One 2023 driver salaries
The top 5 team’s expenditure on driver’s salaries are occupied by the following teams;
- 1. Redbull – 65 million dollars: Verstappen 55 million dollars and Checo Perez 10 million dollars
- 2. Mercedes– 43 million dollars: Hamilton 35 million dollars and George Russell 8 million dollars
- 3. Ferrari – 35 million dollars: Charles Leclerc 24 million dollars and Carlos Sainz 12 million dollars
- 4. McLaren Group – 22 million dollars: Lando Norris 20 million dollars and Oscar Piastri 2 million dollars
An interesting fact to note here is that the third highest-paid driver, Charles Leclerc brings home an annual salary of 24 million dollars while Max Verstappen brings home more than double of 55 million dollars. The gap between the driver’s salaries is enormous and this exact fact is exploited by bigger teams.
The lowest-paid F1 drivers are Yuki Tsunoda (AlphaTauri) and Logan Sargeant (Williams) securing a contract of $ 1 million each.
Money should never be used in synonyms with talent and vice versa. The sport we all love is starting to resemble manchester city’s style of acquiring players. It is without a doubt great that more money is being pushed into the Formula One atmosphere. However, it should not come at the cost of dominance and loss of rivalry.
Max Verstappen is the highest-paid driver for the right reasons. If there is anyone, it’s him who deserves considering he just equalled Senna’s record of Career Wins in the Canadian GP and has two championships under his belt with the third one on his way.
