Entertainment Formula 1: Short-time employees, cut wages for Brawn, Carey and Co.
Heil considers raising short-time allowance possible
© Markus Schreiber Minister of Labor Hubertus Heil (SPD) is considering increasing the short-time allowance if companies otherwise run into difficulties. "My appeal to employers in this situation is clear: don't throw people out," he told Rheinische Post. Federal Labor Minister Hubertus Heil (SPD) is ready to talk about an increase in short-time allowance if companies in the Corona crisis otherwise run into existential difficulties and employees lose their jobs.
With McLaren, Williams and Racing Point, three UK-based teams already have one Part of their workforce sent on short-time work. Now Formula 1 itself is following suit. Around half of the company's employees were sent on short-time work. The state covers 80 percent of income, with a ceiling of £ 2,500 a month.
More than 400 employees work together at the headquarters in London and Kent, where the TV department is located. At the same time, the management level also foregoes part of its salary in the crisis. For Chase Carey, Ross Brawn and Co. there is a 20 percent reduction in salaries. It is not known exactly how much Formula 1 bosses earn.
corona virus cancellations: Team boss Horner defends F1 management
© LAT Red Bull team boss Christian Horner shows understanding for Formula 1 management "The big problem is: the situation is developing so rapidly," says Christian Horner . Therefore, the Red Bull team boss believes that Formula 1 management around series boss Chase Carey did everything right in the case of corona virus-related racing cancellations at the start of the 2020 motorsport season. As Horner explains in an interview with 'Motorsport-Total.com', the decision making is "very difficult"
The Daily Mail reports, however, that Carey, for example, is supposed to earn "several million pounds" a year. The measure of sending several employees on short-time work might not be particularly well received by the public. By taking advantage of the government program, football clubs in England have recently received a shit storm.
Because the government's program is actually aimed at smaller companies - and not at clubs from the billion dollar soccer business or Formula 1, which still generated revenue of $ 2.022 billion in 2019. But it is also clear that the premier-class revenues will be significantly lower this year.
Formula 1 will miss between $ 30 and $ 50 million in racing fees this year for each canceled Grand Prix. In the worst case, repayments of several hundred million dollars may be due to the fact that these are paid in advance. You will also have to accept cuts in TV revenue and sponsorship money.
Zandvoort: That's why a ghost race is not a serious option .
© Chris Schotanus In Zandvoort one hopes for a big party with many fans Will there still be big sporting events in front of a live audience in 2020? Not everyone believes in the corona crisis. That is why Formula 1 is currently examining the possibility of holding its races on the track without spectators - so-called ghost races. Ross Brawn recently said that this could potentially result in up to 19 races of the season. However, not all promoters are interested in such a variant.