McLaren drivers take pay cut amid cost-cutting measures

McLaren drivers Carlos Sainz and Lando Norris have taken voluntary pay cuts as part of a raft of cost-cutting measures to help the team survive the coronavirus crisis with Formula One in lockdown. "I fully understand these tough decisions and I have obviously decided to take a pay cut. We are all in this together," Sainz tweeted. The British-based team will also use the UK government's furlough scheme to guarantee 80 percent of salary for staff up to a maximum of 2,500 ($3,000) a month.

McLaren drivers take pay cut

"The McLaren Group is temporarily furloughing a number of employees as part of wider cost-cutting measures due to the impact of the Covid-19 pandemic on its business," said an official spokesperson for McLaren.

"These measures are focused on protecting jobs in the short-term to ensure our employees return to full-time work as the economy recovers." Mercedes, Renault, Williams and Racing Point also said they were reviewing potential economic measures to take when approached by AFP.

The opening eight Grand Prixs of the 2020 season have been cancelled or postponed due to the COVID-19 pandemic.

There is still hope the season can resume at a later date with F1 CEO Chase Carey optimistically aiming for a calendar of 15-18 races.