The teams have been hit with a massive increase in the cost of competing in Formula One from 2013 and beyond, with the governing body the FIA having confirmed a new entry fee structure.
As reported by The F1 Times in September, the FIA had been considering a tiered entry fee based on the number of points won in the previous year.
As such, Red Bull will now have to pay £2.7 million ($4.35m) to compete in 2013, compared to just £245,000 ($309,000) this season – a more than 1000% increase.
The dramatic increase under Appendix 7 of the 2013 Sporting Regulations, sees each point costing the team £3,100 ($5,000) per point, or £3,720 ($6,000) for the championship winning team, plus a base rate payment of £310,000 ($500,000).
The fee can be paid in two stages, with the base payment of £310,000 paid at the time of application and remainder paid on or before November 30th.
It’s hoped the increase will help the FIA to raise upwards of £25 million ($40m) per season, including a reported £15 million ($24m) payment from Formula One Management (FOM).
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