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Prize Payment: The Berkman Center will provide a stipend to the students selected for the best submissions, subject to applicable law.
As the only team which has been in F1 since the series started in 1950, Ferrari also gets its own further annual prize payment of at least $62.2 million.
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Despite the R&A running the Open, the European and PGA Tours control prize payments to players.
Over the five years to 2015 the prize money payment shot up nearly 30% to just over $900m due to the boom in interest in F1.
The 63% prize money payment is comprised of three elements.
The third highest prize money payment was $109.2 million which went to championship winners Mercedes.
The bumper prize money payment calls into question the financial model of some F1 teams which spend nearly all of their revenue in a bid for victory.
Perhaps the biggest pressure on F1's ability to service its debt is the prize money payment to the teams as it is the biggest single cost for the race series.
There is no need for any media outlet to estimate the prize money payment as it is disclosed in the annual financial statements of F1's Luxembourg-based parent company Delta 2 which was the source for the Telegraph article in July.
First, that prospective contestants were falsely led to believe that they might be eligible to win prizes upon payment of $3 as a maximum sum when in reality the minimum requirement was $9, and as it later developed they were finally called on to pay as much as $42 to be eligible for increased prize offers.
The teams benefit from these lucrative operations through sharing in their profits and since 2007, the first full year of CVC's ownership of F1, the prize money payments have accelerated 152.4%.
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