Being a top racing driver requires a lot of talent of course, but it cannot be achieved without some serious financial backing. However, the legendary Michael Schumacher was not born to an affluent family. It meant he had to struggle with money to stay in the racing world.
Michael was the son of Rolf Schumacher, a bricklayer by profession. Rolf, who believed in his son’s talent and determination took on a lot of debt to fulfill his son’s ambition of becoming an F1 driver.
So when Schumacher won his first major title- the 1990 German F3 championship- he did the most sensible thing he thought of. The driver decided to pay off the outstanding debt his father owed and took the burden off his parent’s shoulders.
Michael Schumacher paid off his family’s debt with a cash prize
Michael Schumacher hailed from a normal working-class family. His family had taken a lot of debt, which allowed him to race and fight for his dreams. In fact, their financial condition was so poor compared to Schumacher’s peers that the first kart he got was built by his father from old and discarded parts.
In 1989, he was scouted by Willi Weber, who gave him a seat in his team, WTS racing for the German F3 championship. It paid off in 1990 when Schumacher won the title by a huge margin and was rewarded handsomely for his achievement.
In the book, “Michael Schumacher: The Edge of Greatness book”, author James Allen claimed that Schumacher received a $25,000 cash reward for winning the title. The German driver decided to pay off his family’s debts with the money before anything else.
The seven-time world champion recalled the moment when he gave his father the money. “My family were really in debt. So I gave my father this suitcase full of money. He couldn’t believe it. That was something very special.”
Schumacher paid $150,000 for his F1 debut
Ahead of the 1991 Belgian GP, Jordan’s Bertrand Gachot was imprisoned after a road rage incident in London. The Frenchman tear-gassed a London cabbie and ultimately missed the race due to his prison sentence.
Eddie Jordan’s first pick was Stefan Johansson, but the driver opted out when Jordan refused to pay. Schumacher’s former manager jumped at the opportunity to put his driver behind the wheel.
Weber told Jordan that the 22-year-old Schumacher had driven at Spa a hundred times. This was a blatant lie as he had never set foot on the iconic race track. He had driven an F1 car for the first time a couple of weeks ago at a test held at Silverstone.
30 years ago today… a star was born ✨
Michael Schumacher made his F1 debut at Spa 🙌#BelgianGP 🇧🇪 #F1 pic.twitter.com/CtYQlDMLWX
— Formula 1 (@F1) August 25, 2021
Jordan wanted an upfront payment of $150,000 for the ride. Weber convinced Schumacher’s sponsors Mercedes to pay the amount, which allowed the F1 driver to make his breakthrough.
The inexperienced German made a fantastic first impression by securing 8th place in qualifying. His race ended prematurely in the first lap due to a clutch failure. However, the driver had made his mark in the sport and in the coming years, he went on to become the best in F1.
