News Details
Formula 1 teams approve cost-cap, other changes
Formula 1 is set to move forward with a $145 million budget cap for 2021 and other cost-cutting measures after teams voted their approval on Friday. The measures have yet to be approved officially by the governing FIA’s World Motor Sport Council, by an e-vote due to the COVID-19 pandemic, but that is seen as a formality and likely next week. F1’s managing director for motorsport Ross Brawn said this month that the $145 million figure had been agreed and the sport would look for further reductions in future seasons. The BBC and motorsport.com, citing multiple sources, said teams had agreed to reduce the cap to $140 million in 2022 and $135 million for the period 2023-25....
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