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Teams agree new budget cap and cost-cutting deal

Formula 1 teams have agreed to reduce the upcoming budget cap to $145 million (119 million pounds) for 2021, according to the BBC. The cap will then be gradually reduced over the coming years. It will go down to $140m per season in 2022, and then $135m from 2023-25. In addition to this, there will also be a new research-and-development handicap system as F1 bosses look to level the playing field. The World Motorsport Council still need to approve the changes, and the vote is expected to take place next week. All the talks around the budget cap kicked off after the global health pandemic put a financial strain on F1 and its teams with still no racing possible. The original cap was $175m per...
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