Williams technical chief Paddy Lowe believes Formula 1 has spent the last 15 years taking the wrong approach with how to reduce costs in the sport.  In its bid to help improve the show and promote greater competition between teams, new F1 owners Liberty Media presented its key proposal points for sport’s future beyond 2020, including the next set of power unit regulations, a cost cap and a more even revenue distribution between participating teams.  A more equitable spread of prize money and proposed budget cap of $150m per year has been well-received by Williams, with deputy team principal Claire Williams saying she wanted to “crack open some champagne” in response to the meeting...
Full Story »