Formula 1 has revealed how it plans to lower costs for teams heading into the 2021 season, including the introduction of a $175m cost cap. F1’s overhaul of the technical and sporting regulation for 2021 was unanimously approved by The World Motor Sport Council on Thursday ahead of this weekend’s United States Grand Prix, including a new financial structure. Reducing running costs in a bit to create a more level playing field among teams was one of F1’s main priorities for its post-2020 vision, and the new financial changes are expected to “promote the competitive balance and the sporting fairness of the championship”. F1 says the changes will “ensure the long-term financial...
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