Drivers’ Wages Could Be Cut, Says Ferrari Principal

Formula one drivers have been told their wages could be cut as the global financial crisis bites, according to the Ferrari team principal, Stefano Domenicali.

The FIA, the sport’s governing body, introduced last Friday a set of proposals for next season and 2010 designed to help the teams save hundreds of millions of pounds. Now the drivers could be asked to play their part, with Domenicali open to the prospect of renegotiation taking place on current contracts. That could lead to Kimi Raikkonen, currently formula one’s top earner on a reputed £20m per year, seeing his wages cut.

Domenicali said: ” I think in the following months there will be a major revolution, also with the drivers, as far as retainers are concerned.

” Let’s be clear: at a moment when the teams, whether big or small, must reduce costs in a significant way, one could feel like saying you need an ace [driver] to make the difference.

” However, I feel in the current climate the big teams won’t have the ability any more to think of offering certain amounts of money that some drivers get. So discussions can be held on this issue.”

Asked about Raikkonen’s new deal that was signed in September being changed, Domenicali added: ” Anything can be modified in life. The important thing is wanting to do it. We know the terms of the contract. However, I’m convinced this issue will soon be discussed among all the teams and with every driver.”