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Formula 1's cost-cutting proposals approved by FIA

Formula 1's cost-cutting proposals approved by FIA

The new F1 car design philosophy will now be introduced in 2022Formula 1's plan for cost-cutting measures has been approved by the sport's governing body the FIA. The changes to the sporting, technical and financial regulations were passed by e-vote at Wednesday's world motorsport council meeting. It was "due to the need to reduce costs and safeguard the sport in light of the Covid-19 pandemic", said a statement.
F1 had previously agreed to introduce a budget cap for the 2021 season, but these new measures go further.Last Friday teams voted to accept a plan to lower the budget cap to be introduced next year by $30m to $145m (£114m).This will be reduced again to $140m in 2022 and $135m for the period 2023-25.This is one of a series of measures aimed at reducing costs and levelling the field, including a research-and-development handicap system.
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