FIA President Jean Todt has indicated that Formula 1 teams will likely have to reduce spending further, below the capped limit of $145m, when cost controls are introduced next year. Formula 1 has long sought to introduce financial regulations and last October an annual figure of $175m – excluding some aspects such as engine development, driver salary costs and marketing – was agreed for 2021. The coronavirus pandemic prompted a push to lower the limit further and eventually a cap of $145m for 2021 was reached, which will lower to $140m for 2022 and $135m for 2023. But Todt believes teams will need to tighten their belts even more over the coming years. Related Posts Red Bull-owned...
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