Mercedes spent huge amounts in 2020 battle for championship

Mercedes have spent a huge amount in 2020 on their way to their title win last year. The German team reportedly spent £324 million on all operations within the F1 team last year. That's a decrease of ten million euros compared to a year ago.

That reports Autosport. The report also shows how much the big teams will have to cut back in order to come under the budget cap of £115 million next season. Mercedes is happy that part of the £324 million does not count towards the costs under the budget cap. It is also good news for the German team that they have made a profit despite the corona crisis.

Indeed, Mercedes' turnover in 2020 was just over £355 million. Despite the reduction in income from F1 rights, it still received a lot from sponsors. Also the amount of staff has increased in 2020. Mercedes has 1063 employees in 2020, which is more than ever before.

Toto Wolff sees a bright future for Mercedes. "In 2021, the team will continue to work to remain financially sound and to deliver maximum performance under the new financial regulations," Wolff concludes.