Ecclestone and F1 Teams Enjoyed Pay Raise in 2010

While FIA president Jean Todt will be seeking to squeeze more money for the international federation from Bernie Ecclestone when the new Concorde Agreement will be signed next year, the F1 chief executive, together with the Formula 1 teams, have reportedly increased their accounts in 2010, as compared to 2009.

The Bloomberg business news agency reported, based on documents filed in London's Companies House, that Ecclestone received $7.9 million for his services to the CVC (commercial rights owner of F1), an increase of 21 percent as compared to his salary a year before.

Additionally, the teams' prize money pool in 2010 was $658 million, with champions Red Bull Racing receiving the biggest share of it, naturally. The overall sum represents a third consecutive year of growth in terms of teams' revenues, as they got last year no less than 164 percent more income than was the case in 2007 (when the Concorde Agreement was signed).

Ecclestone practically set the trend in terms of increased revenues last season, as the team's income rose also by 21 percent.

While Formula 1's annual sales last year were in the vicinity of $1.08 billion (up 2 percent due to new races joining the calendar, for example Korea), the series' net income was $296 million.

Talking recently to the Financial Times, Todt underlined the importance of the FIA receiving a “correct” percentage of the sport's revenues starting with the next Concorde Agreement, arguing that “technology has changed. Evolution has a price. I must make sure that the funding for the FIA is correct.”