F1 teams reportedly agree on changes to cost cap measures

It has been reported that teams have agreed on changes to the F1 cost-cutting cap, which is implemented to enter the sport next season.

According to BBC Sport, the teams have agreed on a cap of $145 million for 2021, which was lowered from the original agreement of $175 million.

The budget cap will then be reduced by $5 million to $140 million for 2022, with a further reduction of $5 million to $135 million for the seasons between 2023 and 2025.

It is understood that these agreements have been made in order to help teams as much as possible during the ongoing coronavirus pandemic.

BBC Sport also reports that a number of senior figures in F1 have also agreed to the budget cap changes, but that they wish to remain anonymous at this time.

Teams are also looking at a number of other methods for the coming years in order to level out the competition in F1 for the coming years, including a possible handicap on the current teams' development.

Ferrari recently voiced concerns over lowering the budget below $150 million as it would impact negatively on staff and factory operations, with Mattia Binotto believing a programme in Indycar alongside F1 in the future could be possible.

Along with the proposed agreements in capping the budget for teams in 2021, teams also recently agreed to delay the rule regulation changes, which were set to enter the sport in 2021, until 2022 in response to the coronavirus outbreak.

The current regulations will be used for 2021 with teams using their current chassis for next season. However, an exception will be made for the McLaren team, who will need to change its chassis design in order to accommodate the Mercedes power units that the team will use next year.

It is understood that the budget cap changes are yet to be agreed by the FIA, F1 and the World Motorsport Council, with the vote expected to take place next week.