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So... from the legal document attached above...
...when the legal entity housing the series restructured in 2011, to sell off part of the ownership position to Archer et al, the holder of each REC received $3,523,958.58 per REC.
...when the CotF deal was signed in 2012(?), the holder of each REC received a sign on fee of $1,100,000 per REC.
...and REC income for abiding by the signed REC agreement, for participating in each race as required saw the holder of each REC receive income of $196,491.23 (2011), $240,701.75 (2012) and $95,438.60 (2013) per REC.... and a projection of REC income for 2014 of $208,116 per REC.
It is clear in those REC income values that the annual tyre cost (~$110,000 pa) is excluded there, as Dunlop apparently has first call on REC income to assure they are paid. The tyre cost is approximate as while teams have an assigned maximum number of dry tyres available, wets are at additional cost.
Interesting...
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