Palmer earns over £3/4 million salary.....

[Redracer77]

Motorsport News reports that Motorsport Vision made over £700k profit in 2005 and J Palmer took home over £750,000 salary for the year......but he stated he can't lower the circuit hire fees as he can't afford to........

[Ian Sowman]

The original story was in the Indy (hence, perhaps, why nobody had mentioned it before). Here is the link:

http://news.independent.co.uk/busine...cle2171547.ece

To be strictly accurate, his salary is only £441k, with £240k as a dividend.

[Tim Falce]

£750K isn't an overly large sum for someone in his position. When you say "took home" is that after tax and NI?

[jonbryant]

Well he does have that helicopter to pay for

However, you have to ask where Brands would be if MSV hadn't taken over... I appreciate the racers point of view that the circuit hire fees are driving up entry fees. From a marshals point of view they have been good to them - witness the trackday yesterday. But we do have A1GP, WTCC, DTM etc...

It's a well rehearsed debate and one I don't think needs to be recycled.

I sense this may get political so I'm gonna leave it there!

Edit - 3 posts in 1 minute!

[Eddy V]

Don't you feel sorry for the man?

Life is expensive. As is his helicopter.

Aren't we quick? Edit.

[JohnMiller]

He's in business and has doubtless taken risk. Maybe if he hadn't bought it, it would now be a housing estate?

[Adam43]

Sounds like a bargain. He should be paid more.

[GORDON STREETER]

Big business/ big risks At least he won't loose as much as the last lot !

[Woolley]

I agree. He took a huge financial risk and probably saved at least one great circuit if not several. With all the work he puts in, and as a return on his investment, then fair play to him, I say. I don't really see why he should reduce hire fees, on the basis that the organizing side of the sport can't get enough entries in the same place at the same time... which we've debated at length elsewhere!

[Flat12-Aircool]

Now he needs to prove he's worth all that money by pushing through the Snetterton redevelopment plans in 2007.

Then I will say well deserved.

[gravel_monkey]

as people have said, jp could have just sat back on money he already had and had a good life but because he has a passion with motorsport he took a huge financial risk and because the work and effort him and all his associates has put in he has made it a success. ask people five years ago about how big the 4 circuits he now owns would be and most would say " oh yes, i remember that place were that housing estate is"
not only has he improved all the tracks and brought in events we didnt think would happen but he looks after the marshalls aswell. all i can say is well done and i hope it all continues!

[Eddy V]

Don't misunderstand me, I too am quite happy that Mr. Palmer took control of the places with his business partners.
The improvements have been huge and probably will be more.

It is one reason why I put the smilie in, all tongue in cheek.

Maybe it did have a purpose many, many years ago when we assisted him being removed from his twisted Porsche wreck at Spa.

[MG Racer]

Originally Posted by falcemob

£750K isn't an overly large sum for someone in his position. When you say "took home" is that after tax and NI?

I believe that amount will be what the company paid him (gross) not actually what he ended up with after Gordon B has taken his cut.

Anyway - Why shouldn't he earn that sort of money? Its not that much considering the risk. All the circuits that he operates through MSV have improved since he has taken over, so good on him.

You shouldn't expect circuits to loose money just to keep race entries fees down, they are a business.

I do not know this for a fact and I am sure someone might on this forum but I would imagine most of the profit came from the increase in trackdays and not racing. It would be interesting to have a look at their accounts.

[Stephen Green]

I think you are right about the track day income.

We should also remember that the board of MSV have to repay themselves for the financial outlay of buying the circuits in the first place as I believe theres was the only cash offer, and why they acquired the circuits over others who bid more, but involved equity deals.

[Ian Sowman]

MG Racer is correct - the £441k salary is before tax, as is the £240k dividend.

As you would expect, the financial statements don't actually tell you the interesting stuff you would really like to know - they don't have to.

There is a helicopter on the balance sheet, I note.

[Stephen Green]

the helicopter is needed to get between each of the 4 circuits!

[JamesH]

That sort of salary pales into insignificence compared with bankers and stockies in the city, who get more than that just in bonus for doing sod all. And that money that coming straight out of 'your' pockets/pensions/etc. I am sure all here would prefer Mr Palmer to get the money!! And all the profit from the circuits is being put back in for modernisation, which makes a change from it going to greedy shareholders.

James

[NWFF 37]

Good luck to him!! wouldnt you do the same???

He risked it by buying the group and turned it around to obviously make a good profit,else he wouldnt be able to pay himself such a salary/divedend.

[diddy100]

Agree - money well earn't - Lets hope he continues to push his ambitious plans through for the circuits, and does not forget the paying public although by looking at the improvements made already to the MSV circuits he is going in the right direction.
Keep up the good work Jonathan !!

[JimW]

Good for him. First year of profit for MSV after lots of investment has really made a difference to all of the circuits. This will, I suspect, give him and the other two backers confidence to continue their investment and support/develop the circuits more.

Now how do we turn more of the racing into a spectator sport? (Please see other rants about small grids, long boring races etc. etc. )

I just hope the new owners of Donington Park follow much the same development lines. (When they are confirmed, of course. )

Regards

Jim

[andy97]

I expect that JP could earn a good deal more, for a lot less effort & stress if applied himself to Property Development, Media work or Celebrity Big Brother!

He took a big risk with taking over the Octagon circuits. Risk = Reward.

[White flag man]

I too believe JP has done a fantastic job, and will continue to do a lot more in the future. In relation to this, I don't think it is any of our damn business how much he earns.
Thank you Mr Palmer and keep up the good work.

[davyboy]

A GBP750K total compensation package for a person in JP's position is not unreasonable at all, so we shouldn't whinge at that. What every British racing fan should be thrilled about is the fact that MSV have turned a profit. The more successful MSV is, the more secure for racing those circuits will be. What's more, we should be grateful that the company is principaled by a former racing driver and enthusiast, who's sympathetic to us.
I think JP deserves great praise for the risks he's taken... you didn't see Eddie Irvine, Damon Hill, Martin Brundle or Nigel Mansell do anything this did you.

[Alan Raine]

Originally Posted by davyboy

you didn't see Eddie Irvine, Damon Hill, Martin Brundle or Nigel Mansell do anything this did you.

They all have but maybe not so upfront as JP. They are all in business to make money and perhaps JP has got involved more at the grass roots level.

Anyway, I say good luck to him (JP)

[Hepatic]

Originally Posted by davyboy

you didn't see Eddie Irvine, Damon Hill, Martin Brundle or Nigel Mansell do anything this did you.

Nige tried, but the locals got in the way of his kart track developments. Martin does a lot in different ways, Damo is now head of the BRDC so we'll see where that takes us.

I believe Mr Irvine is still galavanting around the countryside with naked ladies, and making a shed load of cash from property*

*complete guess on my behalf, don't sue me if its not true!