PARIS: 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 on Wednesday as the sport's rulers attempted to stem the bleeding from the coronavirus pandemic.
"The World Motor Sport Council has approved further changes to the regulations governing the FIA Formula One World Championship primarily due to the ongoing need to reduce costs and safeguard the sport in light of the COVID-19 pandemic," added the statement. On Tuesday, McLaren, who also make supercars, said it planned to cut 1,200 jobs and signficantly scale down its racing division after the coronavirus crisis hit sales.British media reports said about 70 of the racing team's 800 jobs will be eliminated by the restructuring plan.
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