Budgets will limit the amount of $ 145 million

Budgets will limit the amount of $ 145 million

May 5, 2020 0 By autotimesnews

On the air of Sky Sport F1, Formula 1 sports director Ross Brown confirmed – agreed to reduce the budget limit to $ 145 million in 2021. This amount does not include many expense items, including the salaries of riders, but in general this decision will provide Formula 1 a secure future in a crisis …

Ross Brown: “We started talking about limiting the budget from a figure of 175 million, it was very difficult to reduce it, but during the crisis we agreed that we will start the next season with a limit of 145 million. Negotiations are ongoing about how the size of restrictions will decrease in the coming years.

In the coming days we will tell the teams all the details. We had a lot of consultations and are now at the final stage of discussions. Very soon everything will finally become clear.

At the very beginning, the goal of reducing the team’s budgets was to equalize their competitiveness, but in the current situation, the priority is the economic stability of Formula 1. I think this is no less important for large teams than for small ones. The idea is obvious – everyone needs to cut costs.

In addition, under the new Consent Agreement, small teams will receive a large share of the funds from the prize fund, which will stabilize the financial situation and guarantee a safe future for Formula 1. “