F1 2020

Formula 1 teams considering following McLaren's lead

Ian Parkes Thursday 2 April 2020 16:27

Formula 1 teams considering following McLaren's lead

A number of other Formula 1 teams are considering following McLaren's lead and placing its employees on furlough or asking them to take pay cuts.

McLaren made the bold decision on Wednesday to place a significant portion of its workforce across the Group on furlough, while drivers Lando Norris and Carlos Sainz, along with senior figures such as CEO Zak Brown and team principal Andreas Seidl, took pay cuts.

The UK government has brought in the furlough scheme to assist companies through financial difficulties as a result of the current coronavirus crisis, guaranteeing the future employment of its employees.

The government is to pay 80% of the salaries of those employees who have been furloughed, up to a maximum of £2,500 per month until such time as they return to work.

McLaren became the first of the seven UK-based teams to sign up to the furlough scheme.

In a statement released to GPFans, Racing Point has confirmed it is considering doing likewise.

It read: "Regarding furlough, Racing Point is evaluating a range of cost-saving measures during this unprecedented situation.

"At this stage, we are not ruling anything out because there is so much uncertainty as to when racing will resume."

GPFans understands that the topic of furlough, and other measures, is currently under discussion at Mercedes, Red Bull and Williams, but as yet no firm decisions have been taken.

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Formula 1 teams considering following McLaren's lead

Formula 1 teams considering following McLaren's lead