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Teams face entry fee hike
Formula One teams are facing a hike in entry fees for the 2013 world championship under new regulations from the FIA.
The FIA has confirmed in the 2013 Sporting Regulations that teams will be required to pay a basic entry fee of $500,000 (€390,000), which is up from €307,000 the previous season. However, it's an additional price per point which must be paid which results in a large increase, with Red Bull set to pay over $3million.
Appendix 7 of the 2013 Sporting Regulations reads:
'i) The winner of the 2012 World Championship for Constructors will be required to pay a basic fee of US$500,000 plus US$6000 for each point gained in the 2012 World Championship for Constructors.
'ii) Every other competitor will be required to pay a basic fee of US$500,000 plus US$5000 for each point that competitor gained in the 2012 World Championship for Constructors.
'In both cases the basic fee is due at the time of the application and the remainder by 30 November of the year prior to the year to which this application relates.'
Based on the current championship standings, Red Bull would have to pay $2,942,000 if it won the championship but wasn't to score another point this season, while second-placed Ferrari would pay $2,080,000 if the season were to end now.