Formula 1 teams have reportedly signed off on a huge package of cost-cutting measures, which will now be sent to the World Motor Sport Council for ratification before they become official. The measures are partly aimed at cutting costs because of the coronavirus pandemic, but also part of a wider ongoing effort to dramatically slash the cost of competing in F1, with budgets steadily rising year-on-year. Whilst it's known a budget cap will be introduced for 2021, it has now been agreed that the starting figure will be $145 million (£120m), which will reduce to $140m in '22 and then $135m for '23 onwards. ADVERTISEMENT This is far lower than the original cap of $175m which had previously...
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