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McLaren braced for painful restructuring amid cost cap

McLaren has backed the changes made to Formula 1’s Financial Regulations but says the restructure will lead to the “painful task” of reducing headcount. Formula 1 confirmed on Wednesday that the budget cap, initially set for $175m for 2021, will instead be introduced at $145m, with further $5m reductions across the following two years. McLaren had been a primary force in wanting the cap reduced and earlier this week confirmed that approximately 1,200 staff, from a total of 4,000, will be made redundant, across its entire Group. ADVERTISEMENT It is expected that around 70 of those personnel will be from the Formula 1 operations. Related Posts Sliding scale for windtunnel...
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