News Details

Formula 1 teams agree cost-cutting package

Formula 1 teams have agreed to a package of cost-cutting changes to help the sport ride out the coronavirus pandemic, BBC Sport can reveal. Teams voted to accept a plan to lower the budget cap to be introduced next year by $30m to $145m (£118.6m). This will be reduced again to $140m in 2022 and $135m for the period 2023-25. This is one of a series of measures aimed at reducing costs and levelling the field, including a research-and-development handicap system. The package still needs to be officially approved by F1's legislative body, the world motorsport council of governing body the FIA. Its vote will take place next week and is expected to be a formality. More to follow Could...
Full Story »
3y ago from BBC.co.uk 0
Share

You May Also Be Interested In...

Formula 1 to vote on cap, other rule changes on Friday

Formula 1 is set to vote on a raft of regulation changes on Friday, most...
3y ago from GrandPrix247.com

The braking point: Formula 1 at a crossroads

The impact of the coronavirus has been so dramatic and immediate that I...
3y ago from GrandPrix247.com

Abiteboul doubts further reduction of budget cap 'Is a...

Despite the fact that we are still in the middle of the corona crisis, it...
3y ago from GPBlog.com

Tribute to Anthoine Hubert in new edition Formula 1...

Anthoine Hubert will also be present in the new edition of the official...
3y ago from GPBlog.com

Elsewhere On The Network

Popular On MGPToday.com

F1 owner Liberty Media set to finalise purchase of...

Formula 1 owner Liberty Media are in talks to buy Madrid-based company...

Popular On IndyCarToday.com

Rosenqvist: Confidence within MSR growing with every...

Felix Rosenqvist has started off his time with Meyer Shank Racing on a...
21h ago from MotorsportWeek.c...

Popular On TotalWRC.com

Neuville pips Tänak in Safari opener

FIA World Rally Championship leader Thierry Neuville took a slender...
27m ago from MotorsportWeek.c...

Popular On GunnersToday.com

Record-breaking Arsenal teenager signs first...

Arsenal announce that 17-year-old midfielder Ethan Nwaneri, the Premier...
1h ago from SportsMole.co.uk

Comments

Hottest News

Recent News


2014 GPToday.com
GPToday.com is not responsible for the news headlines and associated descriptions and images it indexes, the content of externally linked sites or the comments & postings of its users.

This website is unofficial and is not associated in any way with the Formula One group of companies. F1, FORMULA ONE, FORMULA 1, FIA FORMULA ONE WORLD CHAMPIONSHIP, GRAND PRIX and related marks are trade marks of Formula One Licensing B.V.