FIA formally approves F1 cost-saving and rule changes
FIA formally approves F1 cost-saving and rule changes
F1 teams face five years of spending cuts under budget cap regime
31 May, 2020, 01:13
The reduction in the planned cost cap is a measure brought about in F-1 as a response to the COVID-19 pandemic, which has delayed the start of the season until at least July and seriously impacted many team's finances. This limit will then reduce to Dollars 140 million (Rs 1,062 crore) in 2022 and USD 135 million (Rs 1,024 crore) from 2023 onwards.
"The World Motor Sport Council has approved further changes to the regulations governing the FIAFormula One World Championship primarily due to the ongoing need to reduce costs and safeguard the sport in light of the COVID-19 pandemic", read the statement. It means that the teams finishing further down the constructors' championship standings will be afforded more wind tunnel time to develop the auto than the teams at the top the following year.
The sport's governing body this morning ratified a number of technical and financial regulations, with a budget cap of $219m to be introduced next year.
Three teams spent less than the new budget cap of $219m, with Williams the lowest spending team, at $199m.
The other major rule change announced by the FIA is a sliding scale for aerodynamic development to be implemented in 2021 as well.
Downforce on the 2021 cars is also set to be reduced.
Elsewhere, a large amount of components are to be frozen between 2020 and 2021, including chassis and gearbox, but front wings and side pods are areas that teams will be permitted to develop. They are definitely going to allow us to compete with what used to be big teams because they can't be big teams anymore.
With as many as 10 races in the 2020 calendar either cancelled or pushed back, F1 has taken a significant financial hit. - A limitation on the number of upgrades a power unit manufacturer can make over a season, beginning in 2021.
"We do a reasonable job at it, by no means do we do it the best, and we could do it better, but we have been doing it a long time and I think we have put systems and groups in place that know how to work in a cost-driven environment, and I think that's going to help us".
Minimum weight will increase by 3Kg to 749Kg for 2021.
Sweeping new regulations are due to come into effect in 2022 after being postponed from next year.
Costs incurred for staff entertainment (capped at $1M).
McLaren's team principal says it will be a "massive and painful task" to meet new spending limits to be imposed on Formula One teams from 2021.
The British Grand Prix is reportedly set to return on August as a part of the Formula One's revived calendar for this year. We look forward to returning to Silverstone and Phillip Island next year for more incredible battles", he added.
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