McLaren drivers take pay cut amid cost-cutting measures
4 years, 9 months ago

McLaren drivers take pay cut amid cost-cutting measures

The Hindu  

McLaren drivers Carlos Sainz and Lando Norris have taken voluntary pay cuts as part of a raft of cost-cutting measures to help the team survive the coronavirus crisis with Formula One in lockdown. “The McLaren Group is temporarily furloughing a number of employees as part of wider cost-cutting measures due to the impact of the COVID-19 pandemic on its business,” said an official spokesperson for McLaren. “These measures are focused on protecting jobs in the short-term to ensure our employees return to full-time work as the economy recovers.” The opening eight Grand Prixs of the 2020 season have been cancelled or postponed due to the COVID-19 pandemic. There is still hope the season can resume at a later date with F1 CEO Chase Carey optimistically aiming for a calendar of 15-18 races.

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History of this topic

Coronavirus: Formula One approves cost-cutting measures for 2021
4 years, 7 months ago

Coronavirus: Formula One approves cost-cutting measures for 2021

The Hindu  

Formula One's cost-cutting measures have been approved by the FIA amid the coronavirus pandemic. After a vote of the World Motor Sport Council on Wednesday, the cost cap for 2021 will be lowered from $175million per year to $145m, "with further reductions in the following years". Other changes include: - Several components, including the chassis and gearbox, have been frozen …

McLaren says to cut 1,200 jobs owing to pandemic
4 years, 7 months ago

McLaren says to cut 1,200 jobs owing to pandemic

The Hindu  

British Formula 1 team and supercar maker McLaren said on Tuesday it plans to cut 1,200 jobs after the coronavirus crisis hit sales. “We deeply regret the impact that this restructure will have on all our people, but especially those whose jobs may be affected,” the group's executive chairman Paul Walsh said in a statement. “It is a course of …

F1 director: More spending cuts needed to preserve teams
4 years, 8 months ago

F1 director: More spending cuts needed to preserve teams

The Hindu  

The managing director of Formula One has said spending cuts will be necessary to prevent the “tragedy” of teams leaving the sport amid the coronavirus outbreak. If we can achieve that we should have a very sustainable future.” - 'Losing teams would be a tragedy' - The likes of Grand Prix giants Mercedes, Red Bull Racing and Ferrari each have …

Ferrari 'in denial' over F1 budget cap discussions, claims McLaren
4 years, 8 months ago

Ferrari 'in denial' over F1 budget cap discussions, claims McLaren

The Hindu  

McLaren team principal Zak Brown is "almost at a loss" at Ferrari's opposition to a reduced budget cap in Formula One, claiming the Italian giants are "living in denial". Scuderia boss Mattia Binotto told the Guardian this week that this was "not the time to react in a hurry" as these decisions are made. "It's living in denial, and I …

Coronavirus outbreak a wake-up call for 'unhealthy' Formula 1, says McLaren team principal Andreas Seidl
4 years, 8 months ago

Coronavirus outbreak a wake-up call for 'unhealthy' Formula 1, says McLaren team principal Andreas Seidl

Firstpost  

Echoing his boss Zak Brown, who warned earlier this month that up to four of the 10 teams could disappear, Seidl made clear there was no scaremongering going on London: The COVID-19 crisis is a final wake-up call for an already ‘unhealthy’ Formula One which risks losing teams unless drastic changes are made, McLaren team principal Andreas Seidl warned on …

Coronavirus: F1 drivers must cut salaries, says Trulli
4 years, 8 months ago

Coronavirus: F1 drivers must cut salaries, says Trulli

The Hindu  

Jarno Trulli believes it is a must that Formula One drivers cut their salaries amid the coronavirus pandemic. It has also been confirmed Renault has placed the "vast majority" of its United Kingdom-based staff on furlough until May 31, while its site in France would switch to a part-time schedule for a provisional period of 12 weeks. "I believe it …

McLaren F1 drivers and senior management agree to pay cuts
4 years, 9 months ago

McLaren F1 drivers and senior management agree to pay cuts

India TV News  

McLaren's Formula One drivers Carlos Sainz Jr. and Lando Norris are taking pay cuts, while the team is furloughing other employees as part of protective cost-cutting during the coronavirus pandemic. With F1 racing suspended, McLaren said both drivers and senior management including chief executive Zak Brown all agreed to voluntary pay decreases. McLaren said in an email that "these measures …

F1 teams banned from developing 2022 cars this year
4 years, 9 months ago

F1 teams banned from developing 2022 cars this year

The Hindu  

Formula One teams have been barred from developing this year the new cars they will line up in the 2022 championship following a World Motor Sport Council ruling, the FIA announced on Tuesday. The move follows the decision to push back by a year new technical regulations originally set for 2021 which will provide F1 vehicles with completely redesigned aerodynamics, …

Coronavirus: McLaren confirms Formula One team returned home
4 years, 9 months ago

Coronavirus: McLaren confirms Formula One team returned home

The Hindu  

McLaren has confirmed all team personnel who were in self-isolation in Australia have returned home. The Formula One team withdrew ahead of what was scheduled to be the season-opening race in Melbourne after a member of staff tested positive for coronavirus. The Australian Grand Prix was eventually cancelled and the F1 campaign is yet to begin due to the global …

Coronavirus: F1 CEO apologises for disruption, pledges to resume soon
4 years, 9 months ago

Coronavirus: F1 CEO apologises for disruption, pledges to resume soon

The Hindu  

Formula One CEO Chase Carey apologised to fans for the disruption caused by the coronavirus pandemic and pledged to resume the 2020 season as soon as possible in an open letter released on Tuesday. The F1 season was due to resume this past weekend with the Australian Grand Prix in Melbourne, however it was cancelled in the wake of McLaren …

Coronavirus pandemic: McLaren employee who tested positive showing no symptoms, quarantined staff doing well
4 years, 9 months ago

Coronavirus pandemic: McLaren employee who tested positive showing no symptoms, quarantined staff doing well

Firstpost  

McLaren had already pulled out of the season-opening Australian Grand Prix as a result of the test before last weekend’s scheduled race was cancelled London: A McLaren Formula One employee who tested positive for the coronavirus in Australia is showing no signs of symptoms while 14 other staff in quarantine in Melbourne are doing well, the team said on Monday. …

Coronavirus: Mclaren withdraws from Australian GP after member tests positive
4 years, 9 months ago

Coronavirus: Mclaren withdraws from Australian GP after member tests positive

The Hindu  

The Mclaren Racing team has withdrawn from this weekend's Australian Grand Prix after a team member tested positive for coronavirus. “The team member was tested and self-isolated as soon as they started to show symptoms and will now be treated by local healthcare authorities,” McLaren said in a statement. pic.twitter.com/BZvHVKQoev — McLaren March 12, 2020 The positive test at McLaren …

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