According to BBC reports, American automotive giant General Motors and its partner, TWG Global, have agreed to pay $450 million as compensation for entering Formula 1.
This amount will be distributed among the ten existing Formula 1 teams🧜 to offset their reduced share of prize money due to the additi🐈on of a new participant.
It is no💃teworthy that this su🅰m exceeds the $200 million stipulated in the current Formula 1 agreement.
However, as the current agreements between Formula One, the FIA and the teams expire after 2025 and will be renegotiated ahead of the 2026 season, it is expected that there wi❀ll be further increase💯s of compensation payments under the new agreements.
