The FIA's World Motor Sports Council ratified the amendments to F1's rules in a season decimated by Covid-19 with 10 of the scheduled 22 races already either cancelled or postponed. From 2021, spending will be capped at $145 million (132 million euros) with a limit of $140m for 2022 and $135m for 2023-2025, based on a 21-competition season. Thanks to all, @fia, @F1 and the teams for this achievement," tweeted FIA president Jean Todt. Before the pandemic struck, a spending cap of $175m was set to be introduced next year in a bid to help even up the competition. As well as a budget cap, the FIA also agreed to a host of changes to technical and sporting regulations.

Source: Daily Nation May 27, 2020 20:03 UTC