F1 CEO takes pay cut as staff is furloughed during outbreak

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Formula 1 has furloughed half its staff through the end of the season due to the COVID-19 pandemic, and CEO Chase Carey is among the senior staff taking a pay cut, according to ESPN.

Carey is expected to volunteer for a larger pay cut than the 20% slash other senior staff members are taking.

F1 employees have already been furloughed until the end of May following the outbreak. Three teams (McLaren, Williams, and Racing Point) have also sent staff home, with the drivers taking pay cuts.

Despite the shutdown and subsequent leaves granted to staff, Carey still hopes the 2020 season will feature 15-18 races.

The next race on the calendar that has not yet been moved or canceled is the Canadian Grand Prix, which is slated for June 14 in Montreal. However, the race is expected to be postponed this week, Ben Hunt of The Sun reported Sunday.