The FIA has taken a bold step by quadrupling the maximum fine that the stewards can levy on drivers. Previously, the maximum fine that stewards could charge drivers was $264,400 but now it is a whopping $1,057,000. Since the fine is such a massive amount now, Williams driver Alex Albon has explained how as many as 16 drivers could go into debt.
As per a report put out by racefans.net, the FIA has defended their move by explaining how there was no review for the previous fines for the past 12 years. Consequently, the governing body believes that the previous fines did not “reflect the current needs of motorsport.”
🗣 “I think already the fines are getting out of control” 💸
George Russell has slammed the FIA raising the maximum fines for #F1 drivers to one million euros as “ridiculous” and “obscene” 😤
Read more 👇https://t.co/P7BH0Ixteo
— Motorsport.com (@Motorsport) October 19, 2023
While the FIA believes there is a need to revise the fines, Albon believes that the governing body also needs to take into account the incomes of the drivers. The Thai racer believes that only three or four drivers can afford to pay a $1,057,000 fine.
Alex Albon reveals F1 drivers’ incomes are not as high as most expect
Ahead of the United States Grand Prix this weekend, Alex Albon explained why FIA’s decision to increase fines to $1,057,000 is outrageous. As quoted by racefans.net, he stated, “In the end, if they’re going to raise that to a million, then they’re in some ways targeting three or four drivers because no one else could actually afford that“.
The Thai driver then added that if the FIA also charges the other racers this amount, then they may go into debt as a result. This is because he made it clear that F1 drivers do not earn as much as people expect.
“I think people wouldn’t realize, especially the first two, three years, four years of being a Formula 1 driver, the salaries are nothing like what people actually think they are,” he added. Albon then stated that there is already pressure on the drivers because they pay for their super license fees, “which are already extremely expensive“.
It is also pertinent to note that Albon is not the only driver who has raised serious concerns about FIA’s decision to increase the maximum limit of fines. Even some of F1’s top earners such as Fernando Alonso and Lewis Hamilton have expressed their concerns.
Alonso and Hamilton explain why it is “not right” for FIA to quadruple the fines
Similarly to Alex Albon, even Fernando Alonso and Lewis Hamilton were not too impressed with the FIA’s decision to increase the maximum limit of fines. As quoted by racefans.net, the Spaniard stated, “We are trying to do all our part on becoming more accessible. This is the sport for everyone and so when you put this big number of something out, it seems not right“.
Meanwhile, Lewis Hamilton explained how he hopes that the FIA has some good reason to raise the fines. The Briton made it clear that if he does not believe that the fines are put to good use, then he will not pay. While drivers such as Alonso and Hamilton may be able to pay the fines because of their extraordinary success in F1, most racers are unlikely to be able to afford the same.
Moreover, it is also important to note the insecurity that comes with being an F1 driver. Since the sport is so competitive with only 20 slots available, most drivers may feel increasingly pressurized due to the FIA’s decision to increase the fines. As a result, several aspiring stars may even be hesitant to join the sport in the future.