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Lewis Hamilton and Sebastian Vettel to take pay cut as coronavirus costs F1 teams millions

Photo/Claudio Lavenia/Mark Thompson/Getty Images 

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Lewis Hamilton and Sebastian Vettel are set to take pay cuts as F1 is hit hard by the coronavirus pandemic.

Hamilton earns £40m a year at Mercedes, while Vettel £35m Ferrari.

The duo joins Lando Norris and Carlos Sainz. The McLaren Group announced on Wednesday that they are “temporarily furloughing several employees as part of wider cost-cutting measures due to the impact of the Covid-19 pandemic on its business.

The Daily Mail report the pair of multiple-time world champions, who are both out of contract at the end of the year, are speaking to Mercedes and Ferrari respectively about taking pay cuts.

The percentages involved are not clear at this stage, but a five per cent drop in earnings for Hamilton and Vettel would save Mercedes and Ferrari £2m and £1.75m respectively.

Source: Express

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