The Formula 1 teams have agreed in principle to a driver salary cap which is set to come into effect from 2023. While the final number has not yet been confirmed, the initial plans are to cap the combined salary of both drivers to $30 million. The plans are part of ongoing efforts by Formula 1 to limit spending in light of the COVID-19 pandemic, with the budget cap set to be introduced from the start of the 2021. The teams met on Monday and the plans received the initial backing of the 10 teams, although they will need to be ratified by the motorsport council. Lewis Hamilton is the highest paid driver on the grid right now and has not agreed to extend his stay beyond the end of this...
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