Formula 1 teams agree to lower budget cap

Wie die with the BBC citing several sources, the racing teams in the premier motorsport class agreed to a plan to increase the limit on spending per team and season from the originally planned $175 million (161 million euros) for the coming year to $145 million (133 million euros). For 2022 and the period from 2023-25, the cap is to be reduced twice more by an additional five million US dollars. Ferrari and Red Bull, on the other hand These decisions still have to be approved by the World Council of the World Motorsport Association Fia. A positive vote is expected to be a formality, reported the with the BBC . Ferrari in particular recently spoke out against further lowering the spending limit, and Red Bull is not a supporter either. Other teams such as McLaren had advocated an even lower limit. A spending limit has been discussed for years, and the Corona crisis has made the hardships of some teams in the expensive racing series even worse. Since the canceled start in Australia in mid-March, Formula 1 has canceled or postponed all World Championship races until the end of June due to the coronavirus pandemic. The season is now scheduled to begin with two Grand Prix in front of empty stands in Spielberg, Austria, in July.

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Formula 1 teams agree to lower budget cap

According to a media report, the Formula 1 teams have agreed to lower the budget cap.

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