McLaren Formula One drivers Carlos Sainz and Lando Norris have agreed to take voluntary pay cuts as McLaren put cost-saving measures in place to help combat the economic effects of the COVID-19 pandemic.
Following the postponement or cancellation of the first eight events of the season, the teams are facing increased financial strain.
While measures such as an early factory shutdown for all teams, as well as a delay in the new regulations, have helped reduce financial pressure, teams will still struggle.
Sainz and Norris have agreed to take a reduction in salary and, as a temporary measure, a number of staff have been furloughed. All other staff – including CEO Zak Brown and senior management – are to take pay cuts, too.
A spokesperson for McLaren said: “The McLaren Group is temporarily furloughing a number of employees as part of wider cost-cutting measures due to the impact of the COVID-19 pandemic on its business.
“These measures are focused on protecting jobs in the short-term to ensure our employees return to full-time work as the economy recovers.”
It is unclear as to when the Formula 1 season will commence, although CEO Chase Carey is reckoning it can host between 15 and 18 races.
However, given the current situation surrounding the pandemic, it is unlikely that the season will commence in Canada in June.