Introducing a cost cap in Formula 1 is essential for prospective new entrants, according to the championship’s CEO Chase Carey. Formula 1 has long strived to introduce a limitation on spending and from 2021 teams will begin to be restricted, with a $175m ceiling – albeit one that does not include elements such as driver salaries, marketing and engine costs – to be implemented. Formula 1’s new-for-2010 teams were partly enticed into the championship on the promise of a budget cap that ultimately never materialised, and all dropped out of the sport without challenging for top positions. The championship’s only new entrant since – Haas – has used the...
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