Formula One to furlough half of its staff amid COVID-19 pandemic

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Formula One will furlough half of its staff until the end of May, and senior executives will take pay cuts amid the coronavirus pandemic.

F1 has postponed seven races this season, and the Australian Grand Prix and Monaco Grand Prix have been canceled. The Canadian Grand Prix was the latest to be postponed, pushing the start of the season to June 28 in France.

F1 said senior leadership figures will take “voluntary pay cuts while still continuing to work and not in furlough.” CEO Chase Carey will take a “much deeper” pay cut.

The McLaren and Williams teams already had put some staff on furlough. McLaren drivers Lando Norris and Carlos Sainz also have taken pay cuts.

F1 management has said it still hopes to hold 15 to 18 races this year in place of the original 22.