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F1 teams approve radical cost-cutting measures
Formula 1 teams have approved major cost-cutting changes aimed at helping the sport see out the coronavirus crisis. Teams voted on Friday over a package of cost-cutting measures to secure the future of F1 in the wake of the ongoing COVID-19 crisis and agreed to accept the changes, according to a report by BBC Sport. Earlier this month, F1’s managing director of motorsports Ross Brawn revealed teams had supported a bid to slash the budget cap from $175m down to $145. Despite initial resistance from Ferrari, following weeks of discussions between the 10 teams, the FIA and F1 bosses, the $30m reduction has been formally accepted by e-vote. It is understood the cost cap will be lowered...
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