Helmut Marko has lent his complete support to introduce a cap over drivers’ salaries. Lewis Hamilton has signed the new one-year contract with Mercedes. Also, the salary reports being $30million a year along with bonuses and sponsorship endorsements.
According to Marko, introducing a cap over drivers’ salaries is important, as Lewis Hamilton “is too expensive for Formula 1”.
Including Drivers’ cap to the Budget
The COVID-19 pandemic affected every sector. F1 also had to take some major steps to cut down costs for teams to pull through the business; the budget cap is one of those steps.
Talking about budget, drivers’ salaries stay excluded from the budget cap. By 2021, the teams can spend $145million in total. With that, we can expect the execution of the wage cap and F1 to include drivers in the talks.
Red Bull advisor Marko stays the reason for the team with which he works, effectively pushed for a freeze on engine improvement to permit them to bring the Honda operation in-house from 2022. Now, the advisor thinks that driver salaries must be the next target, referring to Lewis Hamilton as the prime example. The Seven-time world champion currently earns more than double that of the second-highest-paid driver, Max Verstappen.
“Hamilton is simply too expensive for Formula 1. That’s why the drivers’ salaries should be included in the cost cap.” – Marko.
Also, at a meeting, the Formula 1 Commission announced that the contracts of drivers and senior team management would be on the agenda for discussions to bring them with the budget cap. Introducing cost cap for the first time in Formula 1, controlling costs, and how this aim may realize over the coming years got tabled during the meeting.
Moreover, Zak Brown, CEO of Mclaren, thinks that all team bosses are in favor of introducing the salary cap for the drivers and they will introduce it in the next few years.