At Suzuka Circuit, Red Bull’s Max Verstappen won the F1 title twice, which may earn him the biggest payout of 2022.
In a confusing announcement, Max Verstappen has finally bagged the F1 title twice. The driver joins the clubs of two-time world champions among the likes of Fernando Alonso, Mika Häkkinen, Emerson Fittipaldi, and many other legends.
The Red Bull driver couldn’t escape the announcement drama and found himself confused over his title news. However, after the confirmation, the Dutch driver was smiling about the incident and was happy with the team’s performance throughout the season.
After his second title win, the 25-year-old will get a massive payout for his achievement. However, this payout will not be coming directly from FIA prize money.
Although F1 is one of the most affluent sports in the world, the drivers don’t get the prize reward from F1. The constructors receive prize money according to their season performance. The winning constructor gets a large percentage of the prize.
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How does this prize distribution work?
CVC, a private equity firm, is one managing firm that manages finances for the Formula One Group. These finances include F1 yearly total earnings, costs, profits margins, including distribution to prize money fund.
The earnings of Formula 1 divides into two categories 50% goes to Formula One team through the prize money fund, and the other 50% goes to the group and its shareholders.
The 50% prize money fund is divided among all the F1 teams. The team that wins the most or performs the best in the constructor championship receives the highest payment from the fund.
How will Max receives his reward?
Although F1 does not award any prize money to the drivers, Red Bull will make this up for the title-winning driver.
The 25-year-old driver receives his salary from the Red Bull F1 team. After his 2022 championship win, Max Verstappen will likely receive a healthy payment from his team.
with an annual salary of $25m, Verstappen is currently the second highest-earning Formula 1 driver on the grid after Lewis Hamilton
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