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Formula One teams face entry fee hike for 2013

Source : REUTERS
Last Updated: Fri, Nov 02, 2012 14:44 hrs
F1 boss Bernie Ecclestone speaks to Sify<br><br><br>

Formula One teams face a stiff hike in entry fees for next year's championship with the winning constructor having to pay $6,000 (3,742.98 pounds) for every point scored this season as well as a basic charge of $500,000.

The governing International Automobile Federation (FIA) spelled out the new fee structure in Appendix seven of the 2013 sporting regulations published without fanfare on their website (www.fia.com).

"The winner of the 2012 World Championship for Constructors will be required to pay a basic fee of US$500,000 plus US$6,000 for each point gained in the 2012 (championship)," it declared.

"Every other competitor will be required to pay a basic fee of US$500,000 plus US$5,000 for each point..."

The basic fee must be paid at the time of application and the remainder by 30 November, five days after the championship ends in Brazil.

The entry fees charged for this season were 309,000 euros ($399,800) per team with no additional payments required for points scored in the previous year.

Had the new charges been imposed at the end of last season, champions Red Bull would have had to shell out a total of $4.4 million after scoring 650 points.

Red Bull are again leading the championship and can secure their third title in a row in Abu Dhabi this weekend if they end Sunday with an 87 point lead. They are currently 91 points clear of Ferrari and 101 ahead of McLaren with a total tally of 407 points.

The changed entry fees will hit hardest those smaller teams who have limited budgets but have punched above their weight this season.

Swiss-based Sauber, who have had four podium finishes, face a payment of at least $1.08 million on current points scored.

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