Teams hit with dramatic entry fee hike

Autosport

Formula 1 teams have been officially notified of a dramatic rise in the entry fees for next year's world championship, as AUTOSPORT predicted in September.

After much discussion about the matter in recent weeks - with teams seeking clarification on why the costs were going up - the FIA has finally revised its sporting regulations to confirm the scale of the increase.

As previously reported, the governing body amended the original plan to include a system whereby the champion outfit pays a premium price.

Under Appendix 7 of the newly published 2012 Sporting Regulations, the governing body states that there will be two levels of fees for teams.

The constructors' champions will have to pay a base $500,000 US plus $6000 US per point gained in the standings.

Every other team that wants to enter will have to pay the basic $500,000 US plus $5000 US per point.

Looking at last year's world championship standings, it means teams will see their entry fee costs rise from last year's standard rate of 309,000 Euro ($397,899) to:

The updated Sporting Regulations do not lay out a final entry deadline for teams, but do state that teams must pay the entry fee by November 30.

The FIA's decision to increase entry fees comes amid a push by the governing body to increase the revenue it gets from the sport - with it believed to be chasing a total income of $40 million per season as part of a new commercial structure.

The total revenue generated by the entry fees will be at least $16.3 million, with AUTOSPORT also understanding that the governing body is close to agreeing a $24 million payment from commercial supremo Bernie Ecclestone as part of a Concorde Agreement deal.

These payments, allied to an increase in F1 Superlicence fees for drivers, will help the FIA hit its revenue target.

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