In Red Bull spend more money on Formula 1October 16, 2019
Formula 1 teams continue to discuss the new regulations for 2021, one of the points of which provides for budget restrictions at the level of $ 175 million per year. It’s all the more interesting to look at the figures that championship leaders are currently spending.
The British newspaper The Independent has published its 2018 financial results for Red Bull Technology, which manages the Red Bull Racing team, designs and builds cars. Expenditures compared with the previous year increased by 8.9% and amounted to a record 304.2 million pounds.
Personnel costs rose 1.8% to 84.4 million pounds. The company explained this increase in the number of employees by 16 people to 809. According to the newspaper, the highest paid employee of the team is Christian Horner with a salary of 3.4 million pounds. Research and development expenses in 2018 increased by 10.2 million pounds to 118.1 million pounds.
At the same time, Red Bull Technology’s revenues exceeded expenses by almost 10 million pounds and amounted to 314 million pounds. Sources of funds – increased prize for participation in Formula 1, sponsorship payments and financial receipts from Red Bull. Red Bull Technology’s energy drink producer up 10.6% year-on-year to £ 104.2 million.
Red Bull was clearly not enthusiastic about the growth of costs for the team, and it was repeatedly said that “Formula 1 should remain commercially attractive after 2020 for further support from Red Bull”.
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