According to BBC reports, American automotive giant General Motors and its partner, TWG Global, have agreed to pay $450 million as compensation for entering Formula 1.
This amount will be distributed among the ten existing Formula 1 teams to offset their reduced share of prize money due to the addition of a new participant.
It is noteworthy that this sum exceeds the $200 million stipulated in the current Formula 1 agreement.
However, as the current agreements between Formula One, the FIA and the teams expire after 2025 and will be renegotiated ahead of the 2026 season, it is expected that there will be further increases of compensation payments under the new agreements.
