Formula 1 managing director, Ross Brawn, warned in 2019 that the financial regulations set to be imposed in 2021 were serious, and anyone breaking would lose their championship. F1 had previously tried to impose financial restrictions of sorts, but there was no signed agreement that no one could spend more than a certain amount of money. This meant that teams could continue spending as much as they wanted with no repercussions, and any prior arrangement was redundant. In 2019, however, the FIA world motorsport council ratified an official spending cap that prohibited teams from spending more than $175 million. READ: F1 boss: ‘Max is without doubt the benchmark’ This was lowered to $145...
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