Formula One's governing body hailed a major step forward on Wednesday after approving a package of cost-cutting measures including a $145m budget cap (roughly R2,516,708,450) from next year
McLaren CEO Zak Brown is a notable supporter of the new cost-cutting measures approved by the FIA for Formula 1. 'F1 has been financially unsustainable for some time, and inaction would have risked the future of F1 and its participants,' Brown said on Wednesday.
“F1 has been financially unsustainable for some time, and inaction would have risked the future of F1 and its participants.” This will be according to championship position, with more restrictions for the more successful teams in a development handicap system. The current season has yet to start due to the Covid-19 pandemic and when it does, likely in July, it will be without spectators.
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