The prize money pool, which is divided up between the top ten teams after each season and then paid in monthly installments, last year came to $1,230,160,000.
That figure represents half of the sport’s income, which is derived from race hosting fees, trackside signage, television deals, corporate hospitality and other activities such as GP2.
Teams receive half of the income, which is split into two different payments, referred to as Column 1 and Column 2.
Column 1 is a simple payment made directly to team which finish in the top 10 in the championship, and makes up 50% of the total prize pool.
Column 2 is more complicated, and its half of the prize pool is calculated on a sliding scale with the championship winning picking up far more than the team which finished tenth.
To be eligible for Column 2 payments a team must finish in the top 10 for two years in three, meaning Haas would not be eligible for payments until the 2018 season.
However before the $1.23billion is divided out a number of direct payments are taken out of the pool.
These payments include a $51.3million bonus to Mercedes for winning the constructors’ championship.
Four teams also receive an additional bonus for being ‘prestige’ entries, including Mercedes, Ferrari, McLaren and Red Bull, and each pocket an additional $46.05million.
Ferrari however receives an additional payment of $92.1million simply for being Ferrari, bringing its total prize money for 2015 to a whopping $252.6million.
That makes the Italian squad the best paid on the grid, despite having not won the championship, since Mercedes picked up just $224.98million.
2015 Formula One prize money
|P||Team||Championship Position||Prize Money|
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