A final offer to introduce a much-reduced budget cap of $145m at the start of 2021 has been formally proposed to F1 teams with a sliding scale that would reduce it to $130m over the next three years. The much-discussed budget cap has been the bedrock of F1’s new commercial agreement to be put in place at the end of this year, though it was originally set to begin at a maximum of $175m. However, this has been revised down to $145m as a direct consequence of the coronavirus crisis, which could put a number of the smaller teams at risk of collapse without drastic action. As such, the agreement now proposes the $145m cap for 2021, reducing to $140m in 2022 – when the new technical...
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