Saturday 30 May 2020
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.theguardian - 7 days ago

F1 teams agree to introduce budget cap from 2021 onwards

Limit of £119m next year set to keep sport sustainableSpending to be further reduced on a sliding scaleFormula One teams have agreed to impose a new budget cap from 2021. After lengthy negotiations, F1 will be decreasing spending on a sliding scale over several years. The cap will be set at $145m (£119m) in 2021, dropping to $140m in 2022, then $135m for 2023–25. A further review will then take place to establish the ceiling for 2026 and beyond.The cap is seen as a vital component of ensuring the sport remains sustainable in future and in pursuit of levelling the playing field across the grid, which is currently skewed by major spending differentials. F1 and the FIA have been pursuing a spending cut for some time but the financial implications of the coronavirus pushed the sport to go further than expected. Continue reading...

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