F1 teams close to agreeing £116m budget cap for 2021 season

Formula One is close to an agreement on a budget cap as part of wide-ranging deal to ensure the sport is sustainable and able to field a much more competitive grid in future. The sporting director, Ross Brawn, believes that F1 and the FIA reached a proposal on Monday that they hope will be accepted by the teams when presented to them this week. However with 10 races called off this season and F1 facing a serious fall in revenue there has been a renewed urgency to attempt to further cut costs. McLaren have urged the sport to actdecisively in targeting a cap of m while Ferrari and Red Bull have opposed a drop below m. Video: The first F1 Grand Prix Winner - The Alfa 158 (motorsport.com) Brawn is hopeful the latter figure will be accepted but F1 and the FIA still want to reduce it further over the next few years. Brawn explained that fairer revenue distribution set to be included in the new commercial deal for 2021 – the concorde agreement - would act alongside spending limits in levelling the playing field.