Sport | Motorsport
Renault's Briatore takes pay cut
Renault Formula One boss Flavio Briatore and senior team members have cut their salaries by a fifth in response to the credit crunch, the Italian said on Friday.
- Reuters
- Published: 23:18 April 24, 2009
Manama: Renault Formula One boss Flavio Briatore and senior team members have cut their salaries by a fifth in response to the credit crunch, the Italian said on Friday.
"We are cutting the costs in the entire team, not just my salary," Briatore told a news conference after practice at the Bahrain Grand Prix.
"The top people, myself and [technical director] Bob Bell and [engineering head] Pat Symonds have a cut of about 20 per cent," added Briatore, a multi-millionaire who owns nightclubs as well as a stake in English Championship (second division) soccer club Queens Park Rangers.
"The second level [of staff] have cut 10 per cent and everybody else has a cut of five per cent."
Renault are losing their title sponsor ING at the end of the season, potentially leaving a big hole in their budget for 2010 and a question mark over the French manufacturer's future in the sport.
Formula One has moved to cut costs significantly since the end of last season and is discussing a budget cap for 2010 that would allow teams to compete for a fraction of current levels.
Some teams have also shed staff now that testing is banned during the course of the season.
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