LONDON, May 5 ― The managing director of Formula One has said spending cuts will be necessary to prevent the “tragedy” of teams leaving the sport amid the coronavirus. Ross Brawn added yesterday that the cost cap for the 2021 season is set to be cut to US$145 million (RM625.9 million) and...
Formula One managing director Ross Brawn says spending cuts will be necessary to prevent the ‘tragedy’ of teams leaving the sport amid Covid-19. ― Reuters pic
Ross Brawn added yesterday that the cost cap for the 2021 season is set to be cut to US$145 million and could be reduced further in subsequent years, with a more even distribution of prize money another measure to help increase the competitiveness of the sport. But, following the outbreak of the global pandemic that has seen the postponement or cancellation of 10 rounds of this year's world championship, talks on reducing the figure have been held with the FIA, motorsport's world governing body. “We're going to start with a cap of US$145 million and then the discussion is how much further down we can drive costs in the next few years.
“So a good midfield team should be able to score podiums, maybe a win, and should be able to show a small profit. If we can achieve that we should have a very sustainable future.”The likes of Grand Prix giants Mercedes, Red Bull and Ferrari each have an annual spend more than double the initial proposed cap of US$175 million.
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