Formula One Management will only pay the top-ten teams prizemoney

The battle for the Formula 1 ‘wooden spoon’ is set to get more intense over the course of the 2013 season after F1 supremo Bernie Ecclestone confirmed that his Formula One Management (FOM) concern will no longer award prizemoney to the team that finishes in last place in the Constructors’ Championship standings.

Before the sport’s latest teams joined the grid in 2010, Ecclestone and then-FIA President Max Mosley had agreed to a deal which saw a figure of around £6.5 million distributed to any team that finished outside the top-ten in the Constuctors’ Championship standings.

Prizemoney is awarded based on a complicated formula that not only factors in a team’s final finishing position in the Constructors’ Championship, but also where these teams were positioned at certain points over the course of the season.

Additionally, a ‘top-up’ is paid to teams whose contribution to the sport is considered of historical significance, which includes the likes of Ferrari, Red Bull Racing, McLaren and Williams.

But the off-season closure of the HRTF1 Team means that just eleven teams remain on the grid, and Ecclestone has confirmed to the Daily Telegraph newspaper that the last-placed team will no longer receive a slice of the prizemoney pie.

The latest Concorde Agreement – the terms and conditions that outline how prizemoney is distributed – has since expired, and it is understood that the Marussia F1 team is holding out on signing the new deal.

The team currently holds the tenth-placed position in the Constructors’ Championship standings ahead of Caterham, with Jules Bianchi’s thirteenth-placed finish at the Malaysian Grand Prix putting it ahead of its fellow backmarker outfit.

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Richard Bailey

Founder & Chief Editor at MotorsportM8
Hasn't missed a Grand Prix since 1989. Has a soft spot for Minardi. Tattooed with 35+ Grand Prix circuits.