Renault drivers Fernando Alonso and Nelson Piquet have agreed to reduce their salaries in reaction to the global recession.

Team boss Flavio Briatore told the Milan magazine Chi: "I said to them that a reduction would be appropriate."

"They understood the situation and we reached an agreement," he explained.

27-year-old double World Champion Alonso is among the highest paid Formula One drivers.

"Also in Formula One we feel the (financial) crisis and are needing to reduce costs," Briatore said.

D.B. © CAPSIS International
Source: GMM

 

The cut to Fernando Alonso's 2009 retainer represents more than a third of his originally contracted pay, one newspaper has reported.

Renault team boss Flavio Briatore on Tuesday revealed that the Spanish driver, and his team-mate Nelson Piquet, agreed to reduce their salaries in reaction to the global recession.

The Milan magazine Chi said the Italian did not mention figures, but the British newspaper Daily Mail claims that 27-year-old Alonso's reduction was from about 13m (euro) in the original contract, to just over 8.5m.

The newspaper did not say how much Piquet was due to earn this season, but it is claimed the 23-year-old was one of the sport's lowest earners who will now be paid just 270,000 (euro).

E.A, Source: GMM
© CAPSIS International

 

poor piquet....i mean literally poor.

 

In the scheme of things, yes. That was very gracious of both drivers and I have just a little more respect for Alonso now.

 

+1

very understanding move by the two drivers,IMO it will pay off in good times.

 

thanks for posting

 

They don't have a choice! Either accept the pay drop, or end up looking for a job!