Formula 1 Driver Contracts 2020: What You Need to Know
The 2020 Formula 1 season is well underway, and that means it`s time to take a closer look at the contracts for the sport`s top drivers. From big-name stars to up-and-coming rookies, there`s a lot to unpack when it comes to the contracts that govern how they race, who they race for, and what they`re paid.
So what are the key takeaways from the Formula 1 driver contracts for 2020? Let`s break it down.
Team Switches
One of the biggest pieces of news in the world of Formula 1 contracts this year was the announcement that four-time world champion Sebastian Vettel would be leaving Ferrari at the end of the 2020 season. Vettel will be replaced by Carlos Sainz Jr., who is currently driving for McLaren.
Meanwhile, two-time world champion Fernando Alonso will be returning to the sport in 2021 after a two-year absence. He`ll be driving for Renault.
Pay Scales
Of course, one of the most closely guarded secrets in Formula 1 is how much drivers are paid. However, we do know that the top drivers can earn tens of millions of dollars each year from their teams and sponsors.
It`s believed that the highest-paid driver in 2020 is Lewis Hamilton, who is reportedly earning around $50 million from Mercedes. Other big earners include Vettel, who is thought to be making around $40 million from Ferrari, and Max Verstappen, who is earning around $20 million from Red Bull.
Contract Lengths
Another important aspect of Formula 1 driver contracts is their length. Some drivers sign multi-year deals, while others prefer to keep their options open from year to year.
For example, Hamilton`s contract with Mercedes is set to expire at the end of the 2020 season, while Verstappen is committed to Red Bull until at least 2023.
Of course, with the ongoing COVID-19 pandemic causing race cancellations and delays, it`s possible that some contracts could be extended or renegotiated in the coming months.
Incentives and Bonuses
Finally, it`s worth noting that Formula 1 contracts often include a range of incentives and bonuses. These can be based on everything from race results to social media engagement and personal appearances.
For example, Hamilton`s contract reportedly includes a clause that allows him to keep all of his race-winning trophies, while Vettel`s Ferrari contract includes a clause that requires the team to provide him with a luxury car to drive during the season.
All in all, the world of Formula 1 driver contracts can be complex and ever-changing. But for fans of the sport, it`s a fascinating glimpse into the inner workings of this exciting and dynamic world.