Coronavirus: Formula 1 puts half its staff on furlough, Chase Carey and senior figures take pay cut

Formula One chief executive Chase Carey

Formula 1 has put half of its workers on furlough due to the coronavirus pandemic.

With no racing taking place, and no certainty over when the delayed 2020 season can begin, the organisation is reducing its people power.

F1 on Tuesday confirmed 50 per cent of staff have been put on furlough - a period of enforced leave that sees 80 per cent of wages up to £2,500 per month subsidised by the UK government - and will remain so until the end of May.

Senior staff who were not put on that job retention scheme are to carry on working after taking a voluntary 20 per cent pay cut.

Those individuals will include influential managing director Ross Brawn.

Chase Carey, the company's chairman and chief executive, has accepted a higher percentage deduction from his regular salary.

McLaren, Williams and Racing Point had already put a number of staff on furlough, as they contend with the financial consequences of the sport being unable to take place.

This year's F1 season had been due to begin in Australia on March 15, but that race was called off just hours before first practice, with grands prix in Bahrain, Vietnam, China, the Netherlands, Spain and Azerbaijan also postponed.

The flagship Monaco Grand Prix has been cancelled, with officials ruling out finding another date in 2020 for the famous street race.