Red Bull's dominance leads to record $13m Formula One entry fee for 2024

LONDON – Max Verstappen’s record-setting 2023 campaign is going to result in a record-setting fee for his Red Bull team.

Verstappen claimed his third world championship and racked up a record 19 victories in 22 races this year. With Red Bull also claiming the constructors’ championship, the team is facing a Formula One entry fee of more than US$10 million (S$13.4 million) for 2024.

The figure is based on F1 regulations that include a weighted fee for teams and their drivers based on the previous year’s performance.

By accumulating 860 points this year, Red Bull’s 2024 fee is projected to be US$10.6 million – up from the US$9.49 million the powerhouse team paid in 2023. The majority of that was “earned” by Verstappen, who accumulated a record 575 points. Teammate Sergio Perez finished second with 285.

Meanwhile, Mercedes saw its fee reduced despite finishing second in the constructors’ championship because it accumulated fewer total points than in 2022.

According to Speedcafe.com, the biggest percentage increase belongs to Aston Martin. After paying just over US$1.46 million for its 2023 entry, the team is facing a rise to US$3.57 million for next year – an increase of 244 percent.

On the flip side is Haas, which finished last in the championship race. The team’s fee will decrease 18 percent to just under US$1.29 million.

In all, the FIA will bring in US$34 million in entry fees for the 2024 season. REUTERS