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Formula One introduced a budget cap at the start of the 2021 season, initially limiting teams to spend just $145 million per year. However, after much discussion, the figure dropped furthermore to $140m for 2022 and will fall by a further $5m next year. The decision has come after several F1 experts have raised issues of growing inflation and increased freight costs.
Although the introduction of a drivers' salary cap has been excluded, for now, the subject has been widely discussed, debated and received mixed reactions from different stakeholders of the sports. In the latest development, reigning world champion Max Verstappen has raised his voice against the putting up cap on driver's salary by clearly stating the idea as 'completely wrong'.
While speaking ahead of the Azerbaijan Grand Prix, Verstappen said the idea is a bit vague and cited how drivers are putting their lives at risk to put up a great show for everyone and eventually they are discussing capping our income.
"F1 is becoming more and more popular and everyone is making a lot of money, including the teams and Formula One Management. Everyone is benefitting, why should the drivers, with their rights and everything, be capped?" he said.
Notably, the Miami Grand Prix 2022 champion has recently signed a long-term deal with Red Bull worth a staggering £200m, doubling his previous salary. Four-time champion Sebastian Vettel nodded in agreement with Verstappen and stated that a salary cap for drivers would be 'wrong' and reportedly accused teams of pushing the subject. "I think it's interesting if you follow up and overserve from where it's coming," the Aston Martin driver said.
Even, McLaren's driver Lando Norris who recently signed a long-term deal until 2025 supported Verstappen by stating that introduction of a capping on driver's salary will push the investors away from young drivers