Brawn: Reduced budget cap deal 'in final stages'
Formula 1’s managing director, Ross Brawn, has said an agreement over a reduced budget cap is now in the “final stages”.
All 10 teams, along with the Formula 1 and the FIA, have been holding regular meetings about the proposed budget cap, which was initially set at $175m a year.
But, with the current global health pandemic freezing nearly all Formula 1 activity and putting a stop to racing completely, there has been more urgency to protect teams, especially the smaller outfits, as they miss out on revenue in the region of $2m per missed race.
The financial effects of lockdown will be felt long after a semblance of normality is restored, but the likes of Ferrari and Red Bull have been refusing to play ball on reducing the budget cap further. Some have pushed for $145m, others want it as low as $100m.
However, after much deliberation and clashes between teams, Brawn feels that some more common ground has been found between everyone.
“Today’s meeting has been between the FIA and Formula 1,” Brawn revealed on Sky Sports’ The F1 Show.
“And I think we’ve reached a conclusion. The details will be going out to the teams in the next few days.
“There has been a lot of consultation and I think now we are at the very final stages, so it will all become clear shortly.”
More to follow…
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