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.
Additionally, as per our earlier report, the sport will also introduce a ‘success handicap’ that will limit the amount of time and development resources a team can spend on aerodynamics depending on where they finished in the previous year, as well as ‘open source’ parts, such as pedals and steering columns.
However before these changes are introduced, F1 has the more immediate challenge of getting its 2020 season underway after the first 10 races postponed or cancelled due to the COVID-19 pandemic.
Additionally, a major rewrite of the technical regulations has been delayed to 2022, with teams carrying over this year’s cars to 2021.
The budget cap, which does not include driver salaries, had been set initially at $175 million but some teams had wanted a more drastic limit closer to $100 million to ensure the sport survives the crisis.