Formula 1 teams agree to cost cutting

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Formula 1 teams agree to cost cutting

May 23, 2020 14:53 IST

As Covid-19 hits the Formula 1 financially, the teams on Friday agreed to cost-cutting for the next season's budget. While a series of measures have been implemented to cope up with the financial burden on the sport, the teams also accepted to lower the budget cap to $145m for the next year. This amount will be further reduced to $140m in 2022 and $135m for the season 2023-25. The proposal still needs approval from the F1's legislative body and the officials will vote for it next week but it is being merely seen as a formality.

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