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F1 managing director Ross Brawn confirms $145 million budget cap for teams in 2021 season

Formulation One has agreed a $145 million budget cap for teams subsequent yr and can proceed to attempt to tighten that for future seasons, managing director Ross Brawn stated on Monday.

The Briton additionally advised Sky Sports activities tv after a teleconference with teams and the governing FIA {that a} a lot fairer prize fund would characteristic in a brand new business settlement due by the top of this yr.

“The budget cap initial objectives were a more competitive field and I think with the situation we have now the sustainability, the economic sustainability, of Formula One is a priority,” stated Brawn.

“That counts as much for the big teams as it does for the small teams.”

Formulation One’s season has but to begin, with the primary 10 races postponed or cancelled by the Covid-19 pandemic.

A significant rewrite of the technical rules has been delayed to 2022, with teams carrying over this yr’s vehicles to 2021.

The budget cap had been set initially at $175 million however some teams had wished a extra drastic restrict nearer to $100 million to make sure the game survives the disaster.

Ferrari, the oldest and most profitable constructor, had opposed any discount under $145 million.

The cap doesn’t embrace drivers’ salaries, with Britain’s six instances world champion Lewis Hamilton on an estimated $35 million a yr at Mercedes.

“The message is clear we’ve got to cut costs,” stated Brawn.

“We started at $175 (million), that was a long battle to get it there, and with the current crisis we are now going to start at 145 and the discussion really is how much further down we can drive the next few years.”

Brawn stated the new-look vehicles would positively be coming for 2022, regardless of some teams pushing for one other yr’s delay.

“Initiatives we are bringing with these new regulations are to make the sport more economically viable in terms of the complexity,” he stated.

“The cars we have now are so complex that the more you spend, the quicker you will go. We need to level off that slope and create a situation where money is not the only criteria for how competitive you’ll be.”

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