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Budget cap: Carey turns up the heat on F1 teams
Formula 1 CEO Chase Carey, supported by the FIA, has put the pressure on the sport's top teams to accept a revised budget cap set to be introduced from 2021. After a year of talks, mediation and endless negotiations over the future of Grand Prix racing between F1's commercial rights holder, the FIA and the teams, Liberty Media got tough last week in Geneva at an F1 Strategy Group meeting. According to reports from Auto Motor und Sport's Michael Schmidt, Mercedes and Ferrari's hopes of securing an increase of the final threshold of F1's prospective cost cutting plan from $150m to $200m have been trounced by Liberty's unilateral decision to cap the upper limit at $135m! Teams' entry fees for...
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