Formula 1 Bosses Make Final Budget Offer To Teams News

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Formula 1 Bosses Make Final Budget Offer To Teams

By Daily Sports on May 6, 2020

Formula 1 bosses have made a final offer to teams of a sliding scale budget cap reducing from $145m to $130m over the next three years.

The proposal is part of changes aimed at addressing the financial impact of the coronavirus in a letter to teams from F1 managing director Ross Brawn.

F1 has proposed a cap of $145m (£116m) in 2021, reducing to $140m in 2022 and $135m for the period 2023-25.

Teams will spend the coming days assessing the ideas before a vote.

The proposals – which also include a sliding scale of allowance for aerodynamic research according to a team’s success, and compensation for the manufacturer teams recognising the value of research and development of parts sold to customers – are billed as a final submission after weeks of negotiations ended in impasse last month.

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A final decision on whether there will need to be a meeting of team bosses with FIA president Jean Todt, F1 chairman Chase Carey and Brawn, or simply a vote on the proposals, will be made once F1 has had feedback from the teams. (BBC)

•PHOTO: Formula 1 Car

Source Daily Sports

Posted May 6, 2020