How much prize money does McLaren get for winning the 2024 F1 constructors' championship?

The individual glory may have once again gone to Red Bull Racing’s Max Verstappen in the 2024 Formula 1 season, but McLaren clinched their constructors’ championship in 26 years thanks to Lando Norris’ victory at the season-ending Abu Dhabi Grand Prix.

McLaren narrowly beats Ferrari in F1 standings

The Englishman secured his fourth victory of the year at the Yas Marina Circuit, finishing five seconds ahead of Ferrari’s Carlos Sainz. The result proved crucial for McLaren, who ended up finishing 14 points ahead of Ferrari, whose other driver, Charles Leclerc, came in third. Had anything happened to Norris in the closing laps, the title would have switched hands.

McLaren’s previous victory in the constructors’ championship came all the way back in 1998, when Mika Hakkinen won his first drivers’ championship and David Coulthard was third.

Despite Verstappen winning the 2024 drivers’ title by 63 points from Norris, Red Bull only came third in the team standings. The Dutchman was considerably less dominant in the second half of the season, while teammate Sergio Pérez had a year to forget, other than three second-place finishes in the first four races.

How Formula 1 prize money works

Formula 1 distributes prize money to its constructors (teams) based on how they perform in the championship, but drivers aren’t financially rewarded by the race organisers for how they fare in each Grand Prix, as is the case in other sports, such as golf or tennis.

It does, however, still pay to be quick. Drivers each earn a base salary from their team, who also offer them extra financial rewards depending on how successful they are. Like in golf or tennis, then, the best make the most money, although that’s down to how much their constructor is willing to pay them in terms of base salary and bonuses.

In 2024, reigning Drivers’ Champion Max Verstappen was the highest earner on the grid according to Racing News 365, picking up a base salary of $55 million from Red Bull Racing. Lewis Hamilton’s move to Ferrari next year is expected to see him pick up around $100 million, including bonuses.

How much prize money does the Constructors’ Championship winner earn?

As you would expect, the team that finishes highest in the Constructors’ Championship earns the most prize money, with the 10th-placed team making the least.

As per the latest Concorde Agreement signed in 2021, the top team in the Constructors’ Championship receives 14% of the team prize pot, with 6% going to the bottom team (previously 20% and 4%).

The team prize pot, once bonus payments for historical achievements are discounted, totals $1 billion, which means McLaren are in line to pick up $140 million, the same as Red Bull collected in 2023.

Sauber, who finished in last place, will receive $60 million, with the other eight teams expected to receive the following amounts:

According to newly-introduced budget cap, each team can only spend $135 million on developing and building their race cars per year. That will extend to Cadillac, who will be joining the F1 grid in 2025.

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