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Major F1 cost-saving changes approved by FIA
The FIA's World Motor Sport Council has approved major changes to the sporting, technical and financial regulations that will help to safeguard Formula 1 in the wake of the COVID-19 pandemic. F1's ten teams had agreed to the radical package of cost-cutting measures in a vote last week, and the changes have now been officially ratified by the World Motor Sport Council as expected following an e-vote on Wednesday. Among the raft of financial rules aimed at reducing costs amid uncertainty caused by the ongoing coronavirus crisis, a budget cap of $145m will be introduced for 2021. That will be reduced by a further $5m to $140m for 2022 and lowered again to $135 for the 2023-2025...
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