Lewis Hamilton will probably be the biggest victim of a new regulation in Formula 1. According to Sportsmail All F1 teams have voted unanimously for a limit on the driver’s salary.
It’s no secret that Hamilton has an incredibly high salary. However, the Briton may soon have to surrender. Last Monday, during the Formula 1 Powertrain Commission meeting, a cap on drivers’ salaries was discussed. All F1 teams would have unanimously called ‘for’ this idea, which could have a major impact on the income of the six-time world champion in particular. The proposal would state that a driver’s salary cannot exceed £ 22 million (or $ 30 million) under the new regulations, which will take effect from 2023. Even Toto Wolff is said to have agreed with the idea.
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It could have a major impact on Hamilton, whose income is already well above £ 22 million a year. According to The Daily Mail the Briton would be about to make a three-year deal with Mercedes , which is good for about 40 million pounds a year. It would therefore be a bit of a hurry, if the Mercedes driver indeed wanted to collect this amount from 2021. If the salary ceiling is implemented before he has signed his deal, he will have to give up considerably. It is expected that teams will have to continue to pay their drivers the agreed amount until the driver’s contract expires or is dissolved.
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The salary ceiling is an extension of the budget limit, in order to keep the costs for the teams under control. All this is aimed at reducing the differences between the racing stables, so that the battle between the teams becomes more exciting. We now have to wait for the FIA to approve the salary ceiling.
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