Formula 1’s cost-cutting proposals approved by FIA

Jean Todt, Ross Brawn, Nikolas Tombazis and Chase Carey

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Formula 1’s plan for cost-cutting measures has been approved by the sport’s governing body the FIA.

The changes to the sporting, technical and financial regulations were passed by e-vote at Wednesday’s world motorsport council meeting.

It was “due to the need to reduce costs and safeguard the sport in light of the Covid-19 pandemic”, said a statement.

F1 had previously agreed to introduce a budget cap for the 2021 season, but these new measures go further.

Last Friday teams voted to accept a plan to lower the budget cap to be introduced next year by $30m to $145m (£114m).

This will be reduced again to $140m in 2022 and $135m for the period 2023-25.

This is one of a series of measures aimed at reducing costs and levelling the field, including a research-and-development handicap system.