F1 teams set to vote in favour of £120m budget cap for next year to help secure the sport’s future and make racing more competitive… despite Ferrari opposing the idea
- Formula One teams are expected to vote in favour of a budget cap
- It will be £120m next year and slide down to £110m from 2023 to 2026
- Ferrari baulked at the idea of the restriction citing fears of redundancies
- Alongside spending limits, there will also be a much more equitable prize fund
- Here’s how to help people impacted by Covid-19
Formula One teams on Friday are expected to vote in favour of a compromise budget cap intended to secure the sport’s sustainability and make racing more competitive.
After weeks of wrangling, an e-vote will almost certainly approve a spending limit of $145million (£120m) for next year, sliding down to $140m in 2022 and $135m from 2023 to 2026.
Ferrari baulked at the idea of such a stringent restriction, claiming it would lead to redundancies, but the coronavirus emergency forced them to give ground to the likes of McLaren, who campaigned for even lower figures.
F1 teams are expected to vote in favour of a budget cap to help make racing more competitive
Ross Brawn, F1’s managing director, said: ‘Alongside the spending limits there’s going to be a much more equitable prize fund in the new agreement.’
Friday’s decision on the cap will require ratification by the FIA’s World Motor Sport Council on Monday.
Last month Formula One were also given a £1.15bn cash bailout to save it from ruin by American conglomerate who own the sport, Liberty Media.
F1’s managing director Ross Brawn said there will also be a much more equitable prize fund
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