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I don't see how this is possible. I'm a huge Schumacher fan and I enjoy reading about the business side of F1, but this $1 billion for Schu is impossible.
A couple of things. Schu is a conservative guy and sort of cheap. I've also read that he gives 10 Euros a month to his kids. He does have a new mansion in Switzerland. He's lived there for years. German taxes are as high, if not higher, than Canadian tax! In Switzerland, he pays tax based on living expenses and not his real income. According to Forbes magazine, he makes about $60 million today. He's scaled back endorsements. He makes probably as much from his Michael Collection of products. In total, I think I've read that he earns about $100-120 million US.
Anyway, he is 37 so how could he make $1 bln from now? His fortune is estimated to be worth about $700 million US from 10-years of racing for Ferrari. How will be make $1 bln from the rest of his career? This article is just BS. How will BMW pay him? If his wages are $100m, where's the rest coming from? A typical bonus for winning the driver's championship for Schu is about $10-15 million. Will BMW give him a cut from each car sale? I'd love to get a copy of that article tomorrow.
I think BMW is forgetting the old adage in F1. An old team owner sold his team and a reporter asked, "How did you manage to make a small fortune from F1?" The team owner suggested, "Start with a larger one!"
I'd say $1 bln for a driver is a pretty large fortune so it's plenty to be wilted down to a small fortune.
A couple of things. Schu is a conservative guy and sort of cheap. I've also read that he gives 10 Euros a month to his kids. He does have a new mansion in Switzerland. He's lived there for years. German taxes are as high, if not higher, than Canadian tax! In Switzerland, he pays tax based on living expenses and not his real income. According to Forbes magazine, he makes about $60 million today. He's scaled back endorsements. He makes probably as much from his Michael Collection of products. In total, I think I've read that he earns about $100-120 million US.
Anyway, he is 37 so how could he make $1 bln from now? His fortune is estimated to be worth about $700 million US from 10-years of racing for Ferrari. How will be make $1 bln from the rest of his career? This article is just BS. How will BMW pay him? If his wages are $100m, where's the rest coming from? A typical bonus for winning the driver's championship for Schu is about $10-15 million. Will BMW give him a cut from each car sale? I'd love to get a copy of that article tomorrow.
I think BMW is forgetting the old adage in F1. An old team owner sold his team and a reporter asked, "How did you manage to make a small fortune from F1?" The team owner suggested, "Start with a larger one!"
I'd say $1 bln for a driver is a pretty large fortune so it's plenty to be wilted down to a small fortune.
