F1 Drivers Question Possible Salary Cap As They ‘Put Their Lives at Risk’

Verstappen and Bottas pointed out the risk while Sainz, Vettel and Hamilton pointed out how F1 is booming.

Formula One drivers did not hold back their thoughts on the ongoing driver salary cap discussions. 

The sport introduced a budget cap last year to limit team spending in an effort to level the playing field, and it currently rests at $140 million with a few exceptions. For example, driver salary caps are currently not part of it. 

The budget cap has already raised concerns among some of the larger teams as inflation continues to rise. 

The sport is considering implementing driver salary caps at some point in the future, but no agreement has been made. Max Verstappen was blunt in his response to the idea, highlighting how it may create a negative impact on younger stars trying to break into the pinnacle of motorsport. 

“I think no one really knows where it’s going to go. But from my side, it’s completely wrong because I think at the moment, F1 is becoming more and more popular and everyone is making more and more money, including the teams, Formula One—everyone is benefiting,” the Red Bull star said during Friday’s press conference. “So, why should the drivers, with their IP rights and everything, be capped, [drivers] who actually bring the show and put their lives at risk? Because we do, eventually. So, for me, it’s completely wrong. 

“But also, not only that, because in all the junior categories, if you see how many of those drivers have a sponsor or backer, who eventually will have a certain percentage of their income in potentially Formula 1 or whatever, I think it’s going to limit that a lot, because they will never get their return, in money, if you get a cap.”

Valtteri Bottas pointed out in a later press conference, “I’m sure no driver is voting for the salary cap because we feel like we earn a decent amount from doing what we do, risking our life and working as hard as we can and actually being the centre of the show.” Meanwhile, Lando Norris echoed Verstappen’s comments, emphasizing the point about investors and sponsors. 

“It’s difficult enough to get into Formula 1 at all. So as soon as you have the backing, where you have an investor, as a driver, they obviously want their money back at some point, and you’re going to have to do that. If it gets capped, and so on, it’s much harder, and will interest people much less to ever invest into young drivers and invest into people having chances to get to Formula One in the first place.”

Lewis Hamilton added: “I think there are many of us here who have been heavily invested in as youngsters and have had to pay that back, which you would naturally want to do anyway. So that for sure could be impacted in the future for the younger generation.

“Also you have to remember that this sport is going from a $4-6 billion business to a $14 billion business. It’s consistently growing and the teams are earning more money than ever before, and we are a huge part of that. I won’t be here for a huge amount longer, but I do think about the younger generation and I don’t think that they should be capped.”

The sport has been booming as it continues to expand worldwide, such as the three races that will be in the United States in 2023. 

“But more than anything, is it the right thing to do nowadays,” said Carlos Sainz. “If you tell me Formula One is in crisis because of COVID and the sport is going in a bad direction, the drivers are earning too much for what the sport is generating, then I would tell you, maybe there’s a chance or a point where we can all agree that maybe there is something that could be done. 

“But when the sport is booming? You guys were all in Miami. You saw the amount of events, the amount of things we were doing, how busy we’ve been recently as racing drivers and we just keep hearing that the championship is going to grow to 25 races, even 30 in the future. And now when the sport is booming, you want to cap us, no? I find it a very illogical idea right now.”

Building off of Hamilton’s comments, Sebastian Vettel pointed out a “funny coincidence” when asked if a salary cap would impact his desire to compete in the sport.

“Isn’t it a funny coincidence that it’s the first time that teams can actually make money with racing in Formula One and something like the salary cap for drivers pops up? Just thinking… isn’t that funny?”