Formula One’s governing body on Wednesday hailed a major step forward after approving a package of cost-cutting measures, including a US$145 million budget cap from next year.
The measures, rubber-stamped by governing body the FIA’s World Motor Sport Council by an online vote, aim to create a more level playing field for the 10 teams and a more sustainable future.
“Formula One wins today. This is a crucially important moment for our sport,” said McLaren Racing chief executive Zak Brown, who had pushed for an even tighter budget restriction. “F1 has been financially unsustainable for some time, and inaction would have risked the future of F1 and its participants.”
FIA president Jean Todt thanked the teams and hailed “a major step forward for F1 and motorsport’s sustainability.”
The budget cap is to be reduced to US$140 million for 2022 and US$135 million for 2023 to 2025, based on a 21-race season, the FIA said in a statement.
Some top teams currently spend more than US$200 million a year.
A list of components is to be frozen until next year, including the chassis and gearbox, and there is also to be a further reduction in aerodynamic testing.
That is to be according to championship position, with more restrictions for the more successful teams in a development handicap system.
“A uniform budget cap, in concert with more even distribution of revenue among the teams, will ensure greater competition, and more people wanting to watch live and on TV, driving more sustained revenues to underpin the long-term financial health of the teams and the sport,” Brown said.
This season has yet to start due to the COVID-19 pandemic and when it does, likely in July, it is to be without spectators.
Team principal Andreas Seidl said that McLaren were pleased teams would have enough aerodynamic freedom to retain the competitive element.
Sweeping new regulations are due to come into effect in 2022 after being postponed from next year.
McLaren on Tuesday announced redundancies, with the likely departure of about 70 people from its F1 team to meet the budget requirements.
“Adjusting the way we work, and right-sizing the team to this new cap over the next months, is a massive and painful task, but our aim is to be the best-sized and most efficient team in the future,” Seidl said.
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