The extraordinary costs Red Bull, Verstappen must pay to compete in F1 this year

• To participate in the 2023 Formula 1 championship, Max Verstappen must pay more than R17m in registration fees.
  
• Teams and drivers wanting to participate must pay entry fees ahead of every new F1 season.
• The Red Bull Racing team has a bill of over R100m.

Formula 1 is expensive. Very expensive. Fans often save up for years on end to attend one race. And while this is the case, teams wanting to join the fray must have deep pockets if they're going to jet around the world and still pay a staff complement of more than 500 people - including drivers.

Speaking of drivers, did you know that it is not just as simple as donning a racing suit and clambering in the car's cockpit? Apart from the intense training regime, there is a fee to pay if you want to compete in an upcoming season.

The same goes for teams. These costs are separate from the budget cap.

Max Verstappen, 2022 Formula 1 champion

Getty Images Clive Mason

How does it work?

Teams and drivers have a basic participation fee that must be paid ahead of a new F1 season. However, there is also a fee for every point scored in the previous season.

Drivers: $11 047 registration fee, plus $2 230 per point scored in the previous season.

Teams: $617 687 entry fee, plus $7 411 per point scored in the previous season.

Red Bull Racing driver Max Verstappen had a stellar season in 2022, successfully defending the F1 Drivers' championship he won in 2021. And with 454 points accumulated across the season's entirety, one can only brace yourself for his bill: $1 023 256 (R17 678 219, est.)

Red Bull, with both Verstappen and teammate Sergio Perez scoring brilliantly, amassed 759 points in 2022, bringing their total to $6 242 636 (R107 839 976, est.)

Fortunately for Verstappen, his contract with Red Bull states that the team will pay his registration costs.

The sport's three new drivers - Nico Hulkenberg, Oscar Piastri, and Logan Sargeant - will only pay the registration fee.