Formula One is set to undergo a dramatic change in the awarding of prize money ahead of the sport's flotation on the Singapore stock exchange. As reported by The Telegraph, Bernie Ecclestone is set to make the changes as the sport looks to prevent costs from spiralling. For 2013, a new pay-out system has been instigated which has seen prize money rise from 50 per cent to 63 per cent of the sport's operating profit. Following the entry of Team Lotus (now Caterham), Virgin (now Marussia) and HRT (now defunct) to the sport in 2010, then-FIA president Max Mosley agreed a deal that would see the two teams that finished outside of the top ten receive a base $10m prize at the end of the...
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