FIA approves F1’s cost-saving package and budget cap reduction | Malay Mail

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LONDON, May 28 — Formula One’s governing body hailed a major step forward on Wednesday after approving a package of cost-cutting measures including a US$145 million (RM630.8 million) budget cap from next year. The measures, rubber-stamped by the FIA’s World Motor Sport Council by an online...

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The budget cap will be reduced to US$140 million for 2022 and US$135 million for 2023-2025, based on a 21-race season. — Reuters pic

“Formula One wins today. This is a crucially important moment for our sport,” said McLaren Racing chief executive Zak Brown, who had pushed for an even tighter budget restriction, in a statement. The budget cap will be reduced to US$140 million for 2022 and US$135 million for 2023-2025, based on a 21-race season, the FIA said in a statement.A list of components will be frozen between 2020 and 2021, including the chassis and gearbox, and there will also be a further reduction in aerodynamic testing.

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