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 budget cap from next year.
"F1 has been financially unsustainable for some time, and inaction would have risked the future of F1 and its participants." This will be according to championship position, with more restrictions for the more successful teams in a development handicap system.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Formula 1: FIA agree to budget cap of US$145m for 2021PARIS: Spending by Formula One teams will be capped at US$145 million in 2021 with a subsequent limit of US$135 million by 2023, it was announced ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Motor racing: F1 governing body sets up whistle-blowers' hotlineLONDON (REUTERS) - Formula One's governing body has set up an online 24-hour 'ethics and compliance hotline' for whistle-blowers to report suspicious behaviour or concerns of possible misconduct in motorsport.. Read more at straitstimes.com. Given what just happened to Audi in formula e as if anyone cares about cheating at the FIA.
Source: The Straits Times - 🏆 8. / 63 Read more »
Motor racing: Britain's McLaren scale back F1 racing due to lockdown lossesLONDON (AFP) - British Formula 1 team and supercar maker McLaren said on Tuesday (May 26) it will cut 1,200 jobs and significantly scale down its racing division after the coronavirus crisis hit sales.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
F1 governing body sets up whistleblowers' hotlineLONDON: Formula One's governing body has set up an online 24-hour 'ethics and compliance hotline' for whistleblowers to report suspicious ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Formula 1: FIA agree to budget cap of US$145m for 2021PARIS: Spending by Formula One teams will be capped at US$145 million in 2021 with a subsequent limit of US$135 million by 2023, it was announced ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Lufthansa supervisory board postpones approval of bailout packageLufthansa's supervisory board was unable to approve a 9-billion euro (US$9.90 billion) bailout in light of conditions imposed by the European ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »