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Teams officially agree to a reduced cost cap for 2021
A cost-cutting package for the 2021 season has been agreed upon by Formula 1 teams, the package including a reduced $145 million cost cap. In a vote, teams agreed to drop the originally planned cost cap of $175m by $30m to just $145m. This figure has been public knowledge for some time, but now Formula 1 officials can take the regulation to the FIA world motorsport council for the final seal of approval. Article continues under video Ferrari are believed to have been the team most opposed to a reduced cost cap, with team principal Mattia Binotto publicly saying that the introduction of this cap could, "put [Ferrari] in a position of having to look at other further options for...
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