Driver Salary in Formula One is frequently in the news, with the biggest earners raking in massive sums of money.
In this regard, Lewis Hamilton and Max Verstappen, both of whom earn salaries in excess of $30 million as of 2023, stand out. Despite the beginning of the budget cap season, top-tier drivers continue to receive lucrative contracts, and George Russell is one name-making wave.
Salary Structure of F1 Drivers in 2023
Page Contents
The financial rewards in Formula One’s high-stakes arena may be massive. Lewis Hamilton and Max Verstappen are the highest-paid drivers right now, with salaries well in excess of $30 million. The budget cap period imposed certain financial limits, but not enough to limit the earning potential of the sport’s finest players. This prompts us to look at George Russell’s salary as a budding Formula One star.
George Russell’s Salary in comparison to His Peers
While Lewis Hamilton and Max Verstappen are the highest-paid drivers, George Russell is not far behind. In 2023, he is set to earn £6 million, placing him on par with Lando Norris and above of drivers like Esteban Ocon and Pierre Gasly. Russell’s growing reputation as a strong driver is mirrored in his impressive earnings.
George Russell’s Salary Information
George Russell’s journey to a multimillion-dollar income is impressive. In 2020, he made a meager £876,000 while working for Williams. When he joined Mercedes in 2022, his prospects increased dramatically. According to sources, he is reportedly worth between £5 million and $6.76 million. Despite his compensation being dwarfed by Hamilton’s, Russell is one of the best-paid young drivers in the sport.
George Russell Contract Extension
The signing of George Russell’s newest contract extension with Mercedes in September 2023 adds to the excitement. This two-year commitment coincides with Lewis Hamilton’s contract expiration, raising questions about the terms of this renewed arrangement. While specifics are uncertain, reports indicate that Russell will see a large increase in the coming seasons.
Conclusion
To summarize, despite not competing for one of the top two teams, George Russell has solidified himself as one of the top-earning F1 drivers. His 2023 salary of £6 million places him on par with top racers such as Lando Norris, demonstrating his high earning potential. While he may not be at the very top of the pay scale, George Russell’s track record in Formula One implies that he may reap even greater financial rewards in the future.
Also Read: Lenny Kravitz Girlfriend, Gay, Children
