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Being an F1 team principal is not a cakewalk. An integral part of the team, they're the faces representing their respective outfits everywhere. While they're not drifting or scoring trophies from inside the car, their role is arguably even more difficult.
An F1 team principal is responsible for practically all operations. These bosses are also the key contact between the FIA and their teams. Throughout a GP weekend, they don many hats. A Team Principal can act as an engineer, salary negotiator, diplomat, leader, or technician.
In their pursuit of making the team victorious, these bosses carry heavy responsibilities on their shoulders. A lot depends on their vital decision-making, which can either make or break a team.
However, the team principal's biggest job is getting the best out of their drivers. They act as the biggest link between the team and the driver.
Amidst the increased likeability of F1 as a sport, these bosses have become a big center of attention. Some of these Team Principals have attracted special attention for their money inside and outside the sport. Many people want to know about their net worth, investments, etc.
1) Toto Wolff is F1's richest Team Principal
Toto Wolff is the current Team Principal & CEO of Mercedes- AMG Petronas F1 team. His current net worth of $580 million makes him the wealthiest boss on the grid by a margin. Further, the Austrian currently gets paid a fixed salary of $9.1 million by the team.
Wolff started his career as a racing driver himself. However, he soon pulled back from it, deciding to shift to business and investing. Notably, Toto's initial contact with Mercedes was in the form of an investment with HWA AG (the company responsible for racing the Mercedes Benz cars). Since then, Wolff has acquired a 30% stake in the team and became a managing partner, Executive Director, and Team Principal.
As of now, he has increased his ownership of the team to a 33%, as an investment from INEOS happened. His mega role in the team, including his brilliant leadership, has made him one of the most successful bosses in F1 history. Strikingly, he led the team to a sheer dominance of almost eight years.
2) Christian Horner is the highest-paid boss on the F1 grid
Christian Horner is the current Team Principal of the Red Bull F1 team, a position he has held since 2005. He has a total net worth of $50 million and has the highest salary on the current grid, $10 million.
He has led the team to nine world title wins, including a brilliant four-year streak of double championship wins. The Briton initially started as a talented racer himself. However, he also soon shifted to a management-based role.
Horner then successfully succeeded in the Formula 3000, single-seater formula racing. Red Bull then turned to the young Horner to guide their team as a new entry into F1. Notably, the Briton had a remarkable first season with the team, securing seventh-place constructors finish.
Since 2009, though, Red Bull has become unstoppable as they won four back-to-back championships. The team struggled quite a bit post-2013 but still maintained a respectable position in F1, securing many trophies. However, they are rebuilding themselves under Horner to become the fastest unit again.
3) Mattia Binotto has been with Ferrari for a long time
Mattia Binotto is the current Team Principal of the Scuderia Ferrari F1 team. He has a total net worth of around $5-$6 million and gets paid a salary of $3 million.
He joined the team back in 1995 as part of their engineering department. The Swiss-Italian boss was responsible for creating one of the most dominating engines of his time. He was a big part of Ferrari's most dominative era that saw them win five championships back-to-back.
Throughout his time with the Scuderia, the Italian has assumed many roles, spending major time with the power unit department. He was promoted to Chief Technical Officer in 2016 and was made Team Principal in 2019.
4) Andreas Seidl's short but progressive time with McLaren
Andreas Seidl is the current Team Principal of McLaren F1, joining the team in 2019. He is currently paid $2 million and has a net worth of $6.5 million to his name.
Andreas joined McLaren after a successful tenure with Porsche at Le Mans 24 Hours. He also left a remarkable impression after being successful in the FIA World Endurance Championship for three consecutive years.
Moreover, Seidl has some experience in F1, given he was a part of the BMW team from 2000-2006. He was also a part of the BMW-Sauber alliance from 2006-2009.
5) Otmar Szafnauer's long tenure in F1
Otmar Szafnauer currently acts as a Team Principal for the BWT Alpine Formula 1 team (since 2022). He is paid around $1 million by the team and has a net worth of almost similar numbers.
He is one of the most experienced and skilled team Principals' given he started in 1989. Back then, the engineer became a Racing programs manager for Ford. He also had a brief stint as a racing driver during this time.
His Formula 1 experience dates back to 1998 when he became the first Operations Director for BAR (British American Racing). He then went on to work with the Honda F1 Team as well.
Later, the Romanian spent a long time with Force India and was also a part of the team throughout its rebrand. In 2022, he and Aston Martin parted ways for Alpine to welcome the engineer.
Undoubtedly, assuming the role of a Team Principal is sheer hard work and dedication. Many have tried and tested, but these are the few who have currently made it big in the sport.
