LONDON: Formula 1 teams on Friday agreed to cap spending at US$145 million next season as the sport attempts to counter the financial fallout from the coronavirus pandemic, media reports claimed.
Friday's agreement still needs to be officially approved by the world motorsport council of governing body the FIA next week.Initially, a spending cap of US$175 million was set to be introduced next year in a bid to help even up the competition.Earlier this month, F1's managing director Ross Brawn had warned of a"tragedy" if teams were forced out of business.
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