SILVERSTONE, ENGLAND, UNITED KINGDOM (FILE - FEBRUARY 14, 2020) (MERCEDES VNR - ACCESS ALL)
1. LEWIS HAMILTON DRIVING 2020 MERCEDES ON TRACK
2. MERCEDES CEO TOTO WOLFF (ON LEFT) WITH DRIVER VALTTERI BOTTAS WATCHING HAMILTON DRIVE PAST
LONDON, ENGLAND, UNITED KINGDOM (FILE - FEBRUARY 10, 2020) (REUTERS - ACCESS ALL)
3. WOLFF (LEFT) AND INEOS CHAIRMAN JIM RATCLIFFE SITTING ON NEW MERCEDES WITH INEOS BRANDING
REGGIO EMILIA, ITALY (FILE - FEBRUARY 11, 2020) (FERRARI HANDOUT - ACCESS ALL)
4. VARIOUS OF FERRARI'S SF1000 CAR BEING UNVEILED ONSTAGE AT THE ROMOLO VALLI THEATRE WITH DRIVERS SEBASTIAN VETTEL (LEFT) AND CHARLES LECLERC (RIGHT)
ZANDVOORT, NETHERLANDS (FILE - MARCH 4, 2020) (REUTERS - ACCESS ALL)
5. RED BULL DRIVER MAX VERSTAPPEN PREPARING TO TEST CAR ON ZANDVOORT CIRCUIT
6. VERSTAPPEN SETTING OFF IN CAR
7. VERSTAPPEN ON TRACK
WOKING NEAR LONDON, ENGLAND, UNITED KINGDOM (FILE - FEBRUARY 13, 2020) (REUTERS - ACCESS ALL)
8. NEW MCLAREN FORMULA ONE CAR, THE MCL35, WITH DRIVERS LANDO NORRIS (BLUE TOP) AND CARLOS SAINZ JR
9. SAINZ JR AT EVENT
10. NEW MCLAREN MCL 35
STORY: Formula One's 10 teams have agreed cost-cutting measures including a budget cap of $145 million for 2021, the BBC reported on Friday (May 22).
The measures have yet to be approved officially by the governing FIA's World Motor Sport Council, by an e-vote due to the COVID-19 pandemic, but that is seen as a formality and likely next week.
Formula One's managing director for motorsport Ross Brawn said this month that the $145 million figure had been agreed and the sport would look for further reductions in future seasons.
The BBC and motorsport.com, citing multiple sources, said teams had agreed to reduce the cap to $140 million in 2022 and $135 million for the period 2023-25.
Formula One's season has yet to start, with the first 10 races postponed or cancelled due to the COVID-19 pandemic.
A major rewrite of the technical regulations has been delayed to 2022, with teams carrying over this year's cars to 2021.
The budget cap, which does not include driver salaries, had been set initially at $175 million but some teams had wanted a more drastic limit closer to $100 million to ensure the sport survives the crisis.
(Production: David Grip)