AFP – The International Automobile Federation (FIA) has told top teams in Formula One that they face a steep rise in entry fees next season, autosport.com said on Friday.

The sport’s ruling body’s new regulations for 2013 stipulate that the constructors’ champions have to pay a $500,000 basic fee plus $6,000 for every point won, while every other team will have to pay $500,000 plus $5000 per point.

Last year, the standard entry fee was just under $400,000.

Based on last year’s final championship standings, champions Red Bull will have to pay an entry fee of $4.4 million after they won 650 points. McLaren face a $2.98 million bill and Ferrari $2.3 million, while Mercedes would pay $1.3 million.

The fees — part of an FIA drive to increase revenue from Formula One — are payable by November 30, the magazine said.

ref: www.france24.com