Red Bull’s dominance leads to record $10m Formula One entry fee for 2024

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

The Dutchman claimed his third straight world championship and racked up a record 19 victories in 22 races this season. With Red Bull also claiming the constructors’ championship, the team are facing an F1 entry fee of more than US$7 million (S$9.4 million) for 2024.

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

By accumulating 860 points this term, Red Bull’s fee is projected to be US$7.4 million – up from the US$6.2 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 their fee reduced to US$3.3 million from US$3.8 million despite finishing second in the constructors’ championship with 409 points as they accumulated fewer total points than in their 2022 tally of 515.

According to Speedcafe.com, the biggest percentage increase belongs to Aston Martin. After paying about US$960,000 for their 2023 entry, the team are facing a rise to US$2.5 million for next season – an increase of about 260 per cent.

On the flip side are Haas, who finished last in the championship race with 12 points. The team’s fee will decrease 13 per cent to just under US$736,000.

In all, the FIA will bring in about US$24 million in entry fees for the 2024 season.

On the track, Red Bull principal Christian Horner joked after last weekend’s season-ending Abu Dhabi Grand Prix that, with his team winning 21 of 22 races, including a record 10 in a row, there was still room for improvement next campaign.

If the quip raised only a hollow laugh after the most dominant season ever, it was because it contained an underlying truth.

Red Bull will hope to defend their titles in 2024, when there will be a record 24 races, with an even better car.

“This (RB19) car is going to go down in the history books as a very, very special car. To have won 21 races out of the 22, just missing out on Singapore, it leaves room for improvement,” Horner said.

“You’re always looking to find marginal gains. It’s never enough. We know our opponents, this will have motivated them more than ever to come back at us hard and nothing stands still in this sport. Everything moves so quickly.

“We’re going to hopefully take all of these lessons out of this car and apply it into our 20th car, RB20, next year and try and defend these two titles.”

The big question on everyone’s lips is how much their rivals can raise their game, as they surely will. The final gulf between Red Bull and closest rival Mercedes, who failed to win a race for the first time since 2011, was staggering.

Sergio Perez was eclipsed by his teammate, with plenty of speculation about his Red Bull future earlier in the year, yet still finished overall runner-up.

“He’ll take a bit of time this winter to reflect on where he needs to improve and I’m sure he’ll come back fighting next year,” said Horner of the Mexican.

So dominant was Verstappen in Abu Dhabi, winning from pole with fastest lap, that he even delayed his final pit stop to ensure he became the first F1 driver to lead 1,000 racing laps in a season.

“There is a Mount Everest to climb in order to catch up with Red Bull,” Mercedes team boss Toto Wolff said.

His seven-time world champion Lewis Hamilton agreed, adding: “Red Bull won by 17 seconds and they have not touched the car since August or July, so you can pretty much guess where they are going to be next year.”

Despite their dominance, Red Bull took only 14 poles from 22 races. The difference was that Ferrari’s Charles Leclerc failed to win from any of his five while Verstappen triumphed 12 times out of 12.

Horner will be looking at every aspect and hoping to apply the “marginal gains”, with the increased entry fee at the back of his mind at the end of the day. REUTERS