Motorsport.com's Prime content
Cash in brown envelopes - or even suitcases - used to fuel many a Formula 1 deal, says business guru Mark Gallagher, but technology is changing the game when it comes to finances in grand prix racing
They used to say cash is king, but that's definitely not the case any more.
It also used to lubricate many a motor racing transaction and, when I say cash, I literally mean big piles of it. Often in suitcases, sometimes in the proverbial brown envelope. I once had a driver, whose father owned an amusement arcade, bring me a sponsorship payment in £1 coins, which took two mechanics just to lift the boxes.
That's the problem, however, because in days gone by cash became synonymous with undeclared income, which means tax evasion. This is one reason why governments and central banks promote the convenience, and scrutiny, of digital transactions.
To continue reading subscribe to
Join prime and take advantage of member benefits:
- Custom news feed based on your favorite series
- Ad-free environment
- Access to the Giorgio Piola archive
- Best of F1 Racing
- Higher resolution photos
- Best of GP Gazette
Unlock the benefits of PRIME and enjoy the full range of features offered by your favorite motorsport news site.Subscribe to Motorsport.com PRIME
Already have an account? Sign in
Teammate wars: Who’s winning after the Spanish GP?
F1's 2021 car rules could be signed off in June
About this article