Ecclestone received pay-rise in 2008

F1 chief executive Bernie Ecclestone received a pay-rise of nearly 15 per cent last year, a report in the Financial Times reveals. The 78-year-old therefore made about $6.5m in 2008, which is more than 80 per cent of the fees set aside for ...

F1 chief executive Bernie Ecclestone received a pay-rise of nearly 15 per cent last year, a report in the Financial Times reveals.

The 78-year-old therefore made about $6.5m in 2008, which is more than 80 per cent of the fees set aside for directors of the Formula One Management company.

At the same time, F1's owners CVC recorded losses for the sport in excess of $500m, as teams were paid more prize money - totalling more than half a billion dollars - in the wake of Honda's shock departure.

$22m was written off when Canada dropped off the race calendar. $84m, meanwhile, was paid off F1's debts, leaving $2.3bn to be repaid by 2014.

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Series Formula 1
Drivers Bernie Ecclestone