How much do the Formula 1 teams need to pay for entering the 2024 Championship season?

The 2024 Formula 1 season is scheduled to start off from March, and the teams that are going to participate have already started their preparations. But the FIA will not just let them enter the competition at the pinnacle of motorsports without paying up a considerable sum as their entry fee. As per the revised Concorde Agreement which was signed in 2013 by all the concerned authorities, it is the FIA, the ruling body of Formula 1, that will get to set the entry fees for each team based upon their score in the previous season.

And owing to this rule, Red Bull will have to pay an eye-watering amount just to make sure their Championship campaign continues in 2024. The basic structure for the FIA to set the entry fees of the teams looks something like this (as per The Race):

• Base Fee: $657,837
• Additional Fee per Point: $6,575
• Additional Fee per Point for the Constructors’ Champion team: $7,893

Going by the entry fee basis, the amount that each Formula 1 team will have to give to the FIA has been calculated. And amongst the ten participating squads, 6 of them will be paying millions of dollars each. And the rest 4 will be paying sums that are north of $500,000 each.

Detailed analysis of the entry fees for each team based on their 2023 rankings in F1

There is no doubt that Formula 1 is a rich man’s sport with its races being held at exotic locations, and its ticket prices going above 1 million at some of the Grands Prix. But there have always been speculations regarding the amounts that the participating teams have had to pay for their entry into the pinnacle of motorsports. Read on if you want to find out how much the Championship winners of 2023 will be paying to take part in the 2024 title battle Formula 1.

#10 Haas ($736,737)

As the only American team on the grid, Haas were expected to fare much better than they did in 2023 because there were three Grands Prix being held in the US last year. But Haas’ line-up of Kevin Magnussen and Nico Hulkenberg could only manage to get 12 Championship points for their team.

While their results are a bit disappointing, Haas’ low score has saved them from having to pay a hefty entry fee to the FIA for the 2024 campaign. The team has been charged the lowest sum by the rule-making body of F1 as they will have to pay only $736,737.

#9 Stake ($763,037)

In 2023, Sauber competed in the Formula 1 Championship battle as Alfa Romeo before losing their title sponsor after a partnership of 5 years.

Now, their team has been renamed to Stake F1 Racing Team thanks to their new crypto-trading sponsors. The Swiss team got only 16 points last season, which has saved them from paying a heavy sum for the 2024 campaign. The FIA have charged a sum of $763,037 from Stake.

#8 AlphaTauri ($822,212)

In 2023, AlphaTauri had quite a tumultuous season as they lost Nyck deVries midway through their campaign because the authorities at Red Bull were not happy with his results.

Then, the Red Bull sister team got Daniel Ricciardo as their new recruit before he had to go into rehabilitation for a wrist injury. And then, AlphaTauri had yet another new driver–Liam Laweson. Overall, the season turned out to be quite disappointing for the Faenza outfit as they scored only 25 points. And for this, they will have to pay $822,212 for their 2024 entry.

#7 Williams ($841,937)

The Williams F1 Racing Team recruited American racer Logan Sargeant at the start of the 2023 season to partner Alex Albon.

The team narrowly managed to scrape past AlphaTauri with 28 points and secure the seventh spot on the Championship Standings. But for this reason, they will need to pay a sum that is higher than what the Faenza-based team will be paying the FIA–$841,937.

#6 Alpine ($1,446,837)

After ending their 2023 season with two podium finishes thanks to their all-French line-up with Pierre Gasly and Esteban Ocon, Alpine is the first team on this list that will be paying over a million dollars to get into contention for the 2024 F1 Championship title.

The Enstone outfit got a total of 120 points in the last season, and hence their entry fee is so high.

#5 Aston Martin ($2,498,837)

Thanks to AMR newcomer Fernando Alonso’s masterful drive which got him back to back podium finishes in the first half of 2023, Aston Martin gathered a total of 280 points last year.

They narrowly missed out on a 4th spot finish as McLaren landed above them with just twenty more points on the Standings. Because of this reason, Aston Martin has been charged a sum of $2,498,837 by the FIA, which is about $145000 less than McLaren’s entry fee.

#4 McLaren ($2,643,487)

Zak Brown’s papaya army started off the 2023 season with a poor form in exactly the opposite fashion as Aston Martin.

But in the second half of their Championship campaign, while Aston Martin seemed to fail in their efforts to get more podium finishes, the McLaren pair of Lando Norris and Oscar Piastri soared to the top. Thus, they ended the season with 302 points to their name, and will have to pay a hefty sum of $2,643,487 for this reason.

#3 Ferrari ($3,327,287)

Ferrari’s Championship battle with Mercedes for the second spot on the World Constructors’ Standings in F1 2023 went on to the very last race of the season.

But in the end, the Silver Arrows defeated the Prancing Horses and the Scuderia had to settle for the third spot with only 3 points less than Mercedes. Because of their huge score of 406 points in 2023, the FIA have ruled that they will need to pay $3,327,287 for entry into the 2024 campaign.

#2 Mercedes ($3,347,012)

Formula 1 2023 turned out to be a season to forget for Mercedes because of their failure to get a single Grand Prix victory.

But still, their consistent podium finishes from both Lewis Hamilton as well as his young teammate George Russell made the team snatch the second spot on the Constructors’ Championship Standings with only a 3-point-gap to Ferrari. Due to this reason, they will be paying up $3,347,012 for a chance to aim for the top spot in the rankings in 2024.

#1 Red Bull ($7,445,817)

In 2023, Red Bull had one of the most successful Championship campaigns any Formula 1 team has ever had in the history of the sport.

Their drivers won 21 out of the 22 Grands Prix that were held, and of course, for this reason, their score got catapulted to a total of 860 points. And judging by this, the FIA have decided that Red Bull will have to pay an enormous amount of $7,445,817 for a chance extend their winning streak and get a Constructors’ Championship hattrickwith a title victory in the 2024 season.

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