McLaren drivers take pay cut amid cost-cutting measures

McLaren Racing’s Spanish driver Carlos Sainz Jr. attends a meeting with journalists in Madrid on March 5, 2020. (Photo by PIERRE-PHILIPPE MARCOU / AFP)

McLaren drivers Carlos Sainz and Lando Norris have taken voluntary pay cuts as part of a raft of cost-cutting measures to help the team survive the coronavirus crisis with Formula One in lockdown.

The British-based team will also use the UK government’s furlough scheme to guarantee 80 percent of salary for staff up to a maximum of £2,500 ($3,000) a month.

“The McLaren Group is temporarily furloughing a number of employees as part of wider cost-cutting measures due to the impact of the Covid-19 pandemic on its business,” said an official spokesperson for McLaren.

“These measures are focused on protecting jobs in the short-term to ensure our employees return to full-time work as the economy recovers.”

The opening eight Grand Prixs of the 2020 season have been cancelled or postponed due to the COVID-19 pandemic.

There is still hope the season can resume at a later date with F1 CEO Chase Carey optimistically aiming for a calendar of 15-18 races.