Mercedes' released finances for 2021 reflect the 'painful' effect of the cost cap, says Toto Wolff 💰 Full story ⬇️
Newly released financial numbers from the Mercedes Formula 1 team reflect the impact of the first year of what Toto Wolff called a"painful" cost cap in 2021.The overall spending of Mercedes-Benz Grand Prix Limited fell from £324.9m in 2020 to £297.4m last year, despite the calendar being extended from 17 to 22 races as the impact of COVID faded.
Mercedes does however still provide finance to the separate HPP organisation from which the F1 team in turn buys its power units. That was boosted by extra human resources, legal and accounts staff members, many of whom were hired to help the team deal with the extra work created by monitoring and administering the cap.
"The advantage is that, like the US [sports] franchises, we've set the spending limit, we've excluded support areas. "The cost cap has been restructuring-wise such a painful exercise, but financially it has changed the business model from to a lightly profitable company, or just profitable company, into a business with a 25% EBIT [earnings before interest and tax] margin.
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