Formula One teams face fee hike

Formula One teams face a staggering hike in fees to enter next season's world championship.

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The FIA, motor sport's world governing body, has long suggested it was seeking new ways to increase revenue from the sport, with the 12 teams to bear the brunt.

A year ago the basic entry fee was 309,000 euros, which at present is the equivalent of 397,000 US dollars (£247,000).

Under appendix seven of the 2013 Sporting Regulations published just two days ago, the FIA has confirmed a two-tier structure, primarily based on points won this year.

The constructors' champions will pay a base fee of 500,000 US dollars (£311,000), plus 6,000 US dollars (£3,742) per point.

If the championship were to finish today, Red Bull would have to pay a total of 2.942m US dollars (£1.835million), an increase on last year of over 600 per cent, and with the figure to rise with three grands prix remaining.

The 11 other teams will pay the same base fee of 500,000 US dollars, plus 5,000 US dollars (£3,118) per point.

It means after collecting around £3million from the teams to enter this year's championship, the FIA can expect to collect somewhere in the region of £10million for next season.

Under appendix seven the teams have been informed they have to pay the base fee at the time of their application.

In addition, they will then have to pay the remainder - based on points won - by November 30, which gives them just five days given the season concludes on November 25 in Brazil.

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