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F1 organisation furloughs staff - Carey takes pay cut
The Formula One Group has reportedly placed half of its 500 employees on leave in face of the coronavirus crisis, while chief executive Chase Carey has taken a 20 percent pay cut. The global pandemic has disrupted lives and economies around the world, with Formula 1 not immune to the crisis. Brought to a standstill, the sport has seen its three revenue streams - race fees, television rights and sponsorship fees - potentially reduced to ashes for 2021 while FOM's overhead and running costs, estimated at $381m last year, remain. Williams puts employees on temporary leave amid COVID-19 crisis F1 also has yet to disburse to the teams part of their earnings from last year which are paid out on...
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