F1 entry fees revealed

Formula 1's reduced 2020 calendar means teams will pay a smaller entry fee this year, with world champion Mercedes seeing its bill cut by more than $1 million.

An original plan for a 22-race schedule had to be abandoned because of the coronavirus pandemic. And in the end, the revamped schedule was cut down to 17 races. Report informs citing the Motorsport.

The reduced opportunity to score points means that everyone's costs have come down with the entry fee based on the final points standings.

As part of a restructuring of F1's finances in 2013 to help the FIA get some of the sport's income, it was agreed that teams would pay an entry fee based on the number of points scored in the previous season's championship.

The costs can be eye-watering at times, though, and the dominant Mercedes team last year paid the highest ever fee to race in 2020 – a whopping $5,490,812.

This year, the fees have again been laid out in the latest F1 sporting regulations and appear to be unchanged from 2019. According to the current version of the rules, the FIA states that each team has to pay a basic entry fee of $556,509, which needs to be submitted when they lodge their application.

Furthermore, the world championship-winning team must pay an extra $6,677 for each point scored during the 2020 world championship. For every other competitor, the cost is $5,563 for each point. That needs to be paid this month once the final points tally is in.

While Mercedes will again have to pay out the most significant fee of all the teams after grabbing its seventh F1 world championship title, its smaller points tally means a lower figure than last year.