India, May 5 -- Formula One is all set to slash the originally set $175m budget cap by another $30m in view of the revenue losses incurred due to the Coronavirus pandemic.
Formula One is inching closer to put a new $145 million budget cap on teams from 2021. Given the current Coronavirus crisis and a massive revenue loss because of 10 race cancellations in this season so far, F1 and FIA have reportedly reached a proposal to reduce the originally set $175 million budget cap for teams by another $30m.
In 2019, Formula One announced a major overhaul in the series, which was to be applicable from 2021. This included a new set of rules and regulations in order to make racing closer as well as to provide a level playing field for all competing ...