Formula 1's plan for cost-cutting measures has been approved by the sport's governing body the FIA.

(ONA) The Fédération Internationale de l'Automobile (FIA) has decided to cut costs for the Formula 1 World Championship season, including setting a budget cap at $ 145 million starting next year.

Reuters reported that these measures, which has been approved by an e-vote at the world motorsport council meeting, come to try to increase equal opportunities among all ten championship teams and sustainability in the future.

“Formula 1 wins today,” said Zak Brown, the chief executive of McLaren, who pushed for a further budget cut. “This is a crucially important moment for our sport. F1 has been financially unsustainable for some time, and inaction would have risked the future of F1 and its participants.”

The International Federation explained in a statement that the budget cap will be reduced to $ 140 million in 2022 and then to $ 135 million between 2023 and 2025 based on the organisation of 21 races in the season. Currently, the lead teams spend more than $ 200 million a year.

It will not be allowed to update some parts between 2020 and 2021, including the chassis and gearbox, while tests on aerodynamics will be reduced. This will depend on the position of each team in the tournament, as more restrictions will be imposed on the development of the cars for the most successful teams.

The current season has not kicked off due to the coronavirus pandemic and when it begins, which is likely to be next July, it will be without spectators.

(ONA)