The oldest team in Formula 1 is also reportedly the richest. A new report showed that Ferrari earns several million more than any other team in the league.
Berrnie Ecclestone, head of F1, said that team Ferrari was worth the extra sum, comparing their status as the oldest team in F1 to the legendary band, The Rolling Stones.
“We pay more money to Ferrari because they've been around a long time. Ferrari is Formula One and they deserve whatever we pay them,” explained Ecclestone.
Autosport provided the financial data and stated that Ferrari will get $192 million for their efforts in 2015. The total for 2015 was $965, which will be split across 10 teams and given in nine monthly payments.
The figures for other racing outfits in 2015 are as follows:
Mercedes — $171 million
Red Bull — $144 millionWilliams — $87 million
McLaren — $82 million
Force India — $67 million
Renault — $64 million
Toro Rosso — $57 million
Sauber — $54 million
Manor — $47 million
The way that the F1 has been handing out prizes to teams has received mixed feedbacks in the past few years, News.com notes. Some alleged that the sums were disproportionate, causing Force India and Sauber to complain to the European Union in September 2015.
According to Ecclestone, he does not have any problems with the prize pot, which is close to $1 billion, being split differently in the future. However, he suggested that Ferrari should still be given a special place, considering its long existence.
He said that if the prize pot was shared equally, it would be alright. However, “Ferrari is Formula 1” and has been racing a lot longer than any other team, so they deserve to be paid more. Ferrari has joined the Formula One World Championship since 1950.
Ecclestone added that if they were in the music industry, Ferrari would be equal to The Rolling Stones, which means that they should earn more, ESPN writes. He said that they expect better performances from everyone that would be equivalent to the amounts that they were being paid. It would be an incentive for all other teams to push for more with the hope of raking in more payments.
The smaller teams in F1 have struggled to survive in recent years. Ecclestone said that it was common in Formula 1 and some teams just shut down after some time.
More updates and details on Formula 1 and Ferrari are expected soon.