F1 Driver Salary: Is a pay cut to Lewis Hamilton justified? How much is he worth? The arguments for and against it.
Lewis Hamilton is the highest-paid Formula 1 athlete, by quite a margin. With an F1 driver salary cap being discussed to be brought in to F1, he will still earn the most but will have to take a substantial pay cut. This is something Hamilton is not looking forward to, terming drivers “the stars of the sport”. Like (pretty much) everything in the world, there is an argument for and against it.
Arguments for an F1 salary pay cut
The argument for the pay cut in F1 is pretty simple – to make the sport more competitive (again). In the last decade, F1 saw just two teams take all the Constructors’ Championships – Red Bull and Mercedes.
And apart from Sebastian Vettel and Hamilton, only Nico Rosberg managed to win a title. This poses a serious concern for a sport like F1, and that is one reason why a budget cap has already been approved. Lewis Hamilton earns a lot through his sponsorships and endorsements, owning multiple villas, so a pay cut wouldn’t alter his earnings too much.
In contrast you can include the 3x top team management salaries in the main cap, and that is under discussion, as they tend to be more stable year to year
— Adam Cooper (@adamcooperF1) November 27, 2020
Arguments against an F1 salary pay cut
Formula 1 is considered to be the most prestigious sport in the world. The moolah involved in the sport massive with mega-giants of the automobile industry involved in it – from Ferrari to Mercedes, from Renault to (soon) Aston Martin. Apart from this, corporations from multiple sectors have invested in the sport, one way or the other.
So it is only natural the stars of the show i.e. the drivers get a substantial chunk out of it. These drivers are who put their life on the line and produce an incredible spectacle for worldwide audiences. And with the teams earning huge amounts from sponsorships, it wouldn’t make a considerable difference to pay the drivers what they truly deserve.