Formula 1 (F1) prize money 2024: How much did McLaren take home this season?

With the 2024 race season concluding, fans were safely assured that the world of Formula 1 (F1) isn’t simply a one-sided affair with McLaren taking home the top prize for the constructor’s championship. But how much was the prize money this year? Let’s find out.

At the start of the 2024 season, most experts predicted the domination of Max Verstappen and Red Bull Racing to continue. It was a sensible prediction — the reigning world champion kicked off the year from where he left off the previous one. So you can imagine our collective shock when, by the middle of 2024, both Verstappen and Red Bull Racing found themselves in shambles.

Though the Dutch driver was eventually successful in defending his championship title, credit has to be given to Lando Norris, Charles Leclerc, Oscar Piastri and Carlos Sainz Jr. for making the race to the crown a tight one. Their efforts did not go in vain, either — Norris and Piastri powered their side, McLaren Formula 1 Team, to its first constructors’ championship after 26 years, and ninth overall.

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It was also a happy day for Scuderia Ferrari at the Yas Marina Circuit in Abu Dhabi on Sunday, 8 December. In his final season with the ‘Prancing Horse’, Sainz Jr., along with Leclerc, helped the side finish second. Meanwhile, Red Bull Racing stood third in the standings despite Verstappen’s championship win. This slump can largely be attributed to an underwhelming performance by Sergio Perez, who ended the season in the eighth spot.

While individual races in F1 do not have any monetary rewards, there are handsome payouts on offer at the end of the season. How substantial are those payouts, you ask? Scroll away to learn about the F1 2024 prize money pool.

But first, here is a look at the winners list for the F1 2024 season as well as the Driver and Constructor Standings based on the race results throughout the year.

All the F1 2024 season winners and standings

F1 2024 Drivers Championship winner: Max Verstappen (Red Bull Racing)
F1 2024 Constructors Championship winner: McLaren Formula 1 Team

F1 Drivers Standings 2024

 

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1. Max Verstappen (Red Bull Racing): 437 points
2. Lando Norris (McLaren Formula 1 Team): 374 points
3. Charles Leclerc (Scuderia Ferrari): 356 points
4. Oscar Piastri (McLaren Formula 1 Team): 292 points
5. Carlos Sainz Jr. (Scuderia Ferrari): 290 points
6. George Russell (Mercedes-AMG Petronas F1 Team): 245 points
7. Lewis Hamilton (Mercedes-AMG Petronas F1 Team): 223 points
8. Sergio Perez (Red Bull Racing): 152 points
9. Fernando Alonso (Aston Martin F1 Team): 70 points
10. Pierre Gasly (Alpine F1 Team): 42 points
11. Nico Hülkenberg (Haas F1 Team): 41 points
12. Yuki Tsunoda (Racing Bulls S.p.A.): 30 points
13. Lance Stroll (Aston Martin F1 Team): 24 points
14. Esteban Ocon (Alpine F1 Team): 23 points
15. Kevin Magnussen (Haas F1 Team): 16 points
16. Alexander Albon (Williams Racing): 12 points
17. Daniel Ricciardo (Racing Bulls S.p.A.): 12 points
18. Oliver Bearman (Haas F1 Team): 7 points
19. Franco Colapinto (Williams Racing): 5 points
20. Zhou Guanyu (Sauber Motorsport AG): 4 points
21. Liam Lawson (Racing Bulls S.p.A.): 4 points
22. Valtteri Bottas (Sauber Motorsport AG): 0 points
23. Logan Sargeant (Williams Racing): 0 points
24. Jack Doohan (Alpine F1 Team): 0 points

F1 Constructor Standings 2024

 

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1. McLaren Formula 1 Team: 666 points
2. Scuderia Ferrari: 652 points
3. Red Bull Racing: 589 points
4. Mercedes-AMG Petronas F1 Team: 468 points
5. Aston Martin F1 Team: 94 points
6. Alpine F1 Team: 65 points
7. Haas F1 Team: 58 points
8. Racing Bulls S.p.A.: 46 points
9. Williams Racing: 17 points
10. Sauber Motorsport AG: 4 points

Breaking down the F1 2024 prize money pool

According to reports, the F1 2024 prize money pool stood at a colossal USD 1 billion (around MYR 4.4 billion!) Yes, that’s a billion with a b.

So from where did this monstrous pot come? The latest Concorde Agreement — a contract between the Fédération Internationale de l’Automobile (FIA), the Formula One group and the 10 partaking constructor sides — signed in 2021 states that the prize money pool will be 50 per cent of the profit made from the commercial rights in a season. Factor in F1’s widespread popularity around the globe and the billion-dollar prize money figure starts making a lot more sense.

However, there is a catch — only the constructor teams are eligible for these monetary rewards, not the individual drivers. The racers only enjoy the sum they receive from their respective contracts per season.

Out of this billion-dollar pot, the McLaren Formula 1 Team took home USD 140 million for emerging as the champions. Meanwhile, second-placed Scuderia Ferrari was rewarded with USD 131 million.

Here is a complete breakdown of the payouts:

1. McLaren Formula 1 Team: USD 140 million
2. Scuderia Ferrari: USD 131 million
3. Red Bull Racing: USD 122 million
4. Mercedes-AMG Petronas F1 Team: USD 113 million
5. Aston Martin F1 Team: USD 104 million
6. Alpine F1 Team: USD 95 million
7. Haas F1 Team: USD 87 million
8. Racing Bulls S.p.A.: USD 78 million
9. Williams Racing: USD 69 million
10. Sauber Motorsport AG: USD 60 million

(Hero and Featured Images Credit: FORMULA 1/Instagram)

This story first appeared on AUGUSTMAN.