COVID-19: F1 to furlough half of its staff amid pandemic

Formula One says it will furlough half of its staff until the end of May and senior executives will take pay cuts amid the coronavirus pandemic.

F1 has postponed eight races so far this season and the Monaco Grand Prix has been canceled.

F1 says senior leadership figures will take voluntary pay cuts while still continuing to work and not in furlough. CEO Chase Carey will take a much deeper pay cut.

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The McLaren and Williams teams had already put some staff on furlough schemes. McLaren drivers Lando Norris and Carlos Sainz have also taken pay cuts.

The season is currently scheduled to begin in France on June 28. F1 management has said it still hopes to hold between 15 and 18 races this year in place of the original 22.