F1: Daniel Ricciardo's $26 million pay cut revealed
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Daniel Ricciardo will reportedly take a monster pay cut as part of his multi-year deal to join McLaren from 2021.
The 30-year-old Aussie stunned the Formula 1 grid when his contract with the English team was announced just days after Ferrari confirmed Sebastian Vettel will be replaced by Carlos Sainz at the end of the year.
Details of Ricciardo’s bold move are now beginning to leak out, according to a veteran French Formula 1 journalist.
Ricciardo enjoyed one of the largest pay packets in Formula 1 since joining Renault at the start of the 2019 season — but his days of challenging Lewis Hamilton and Sebastian Vettel on the sport’s top-earners list now appear numbered.
The former Red Bull driver is reportedly facing a pay haircut of around $26 million per-year in his base salary, according to French reporter Marc Limacher.
The report claims Ricciardo was set to earn a stunning 25 million euros ($44.5m) with Renault during the 2020 Formula 1 season before the Aussie accepted a pay cut during the coronavirus-enforced season lock down.
Now Limacher claims Ricciardo’s deal with McLaren is worth $17 million per-year (10 million euros per year) — less than half his current deal.
The 15 million euro per-year pay cut would represent a 60 per cent dive.
However, the fine print in the contract reportedly includes a series of juicy bonuses for the Aussie, including:
— Ricciardo has been guaranteed status as the team’s No. 1 driver
— Ricciardo’s contract is for two years with an option in his favour for a one-year extension through to the end of the 2023 season; and
— Ricciardo can unlock a series of bonus payments reportedly ranging from 400,000 euros every time he collects championship points to 1 million euros for each grand prix victory.
The Sun reports Ricciardo started 2020 as the third highest paid star in Formula 1, behind only Lewis Hamilton and Sebastian Vettel.
The German, who will quit Ferrari at the end of this season, takes in $68 million per year, while Hamilton is the top dog with a salary of $78 million.
Vettel and Hamilton are both without contracts for the 2021 season, however, Hamilton is widely tipped to re-sign with Mercedes.
Red Bull star Max Verstappen is the only other star to break the £10m per season barrier, on a reported $26 million.