Steep hike in entry fees for F1 teams in 2013

Updated: 03 November 2012 15:22 IST

Constructors' champions have to pay a $500,000 basic fee plus $6,000 for every point won, while every other team will have to pay $500,000 plus $5000 per point.

Steep hike in entry fees for F1 teams in 2013

Abu Dhabi:

The International Automobile Federation (FIA) has told top teams in Formula One that they face a steep rise in entry fees next season, autosport.com said on Friday.

The sport's ruling body's new regulations for 2013 stipulate that the constructors' champions have to pay a $500,000 basic fee plus $6,000 for every point won, while every other team will have to pay $500,000 plus $5000 per point.

Last year, the standard entry fee was just under $400,000.

Based on last year's final championship standings, champions Red Bull will have to pay an entry fee of $4.4 million after they won 650 points. McLaren face a $2.98 million bill and Ferrari $2.3 million, while Mercedes would pay $1.3 million.

The fees -- part of an FIA drive to increase revenue from Formula One -- are payable by November 30, the magazine said.

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