<p>Formula One's 10 teams have agreed cost-cutting measures including a budget cap of $145 million for 2021, the BBC reported on Friday.</p>.<p>The measures have yet to be approved officially by the governing FIA's World Motor Sport Council, by an e-vote due to the COVID-19 pandemic, but that is seen as a formality and likely next week.</p>.<p><a href="https://www.deccanherald.com/national/coronavirus-in-india-news-live-updates-total-cases-deaths-covid-19-tracker-today-worldometer-update-lockdown-40-latest-news-838583.html"><strong>For latest updates on coronavirus outbreak, click here</strong></a></p>.<p>Formula One's managing director for motorsport Ross Brawn said this month that the $145 million figure had been agreed and the sport would look for further reductions in future seasons.</p>.<p>The BBC and motorsport.com, citing multiple sources, said teams had agreed to reduce the cap to $140 million in 2022 and $135 million for the period 2023-25. Formula One's season has yet to start, with the first 10 races postponed or cancelled due to the COVID-19 pandemic.</p>.<p>A major rewrite of the technical regulations has been delayed to 2022, with teams carrying over this year's cars to 2021.</p>.<p>The budget cap, which does not include driver salaries, had been set initially at $175 million but some teams had wanted a more drastic limit closer to $100 million to ensure the sport survives the crisis.</p>
<p>Formula One's 10 teams have agreed cost-cutting measures including a budget cap of $145 million for 2021, the BBC reported on Friday.</p>.<p>The measures have yet to be approved officially by the governing FIA's World Motor Sport Council, by an e-vote due to the COVID-19 pandemic, but that is seen as a formality and likely next week.</p>.<p><a href="https://www.deccanherald.com/national/coronavirus-in-india-news-live-updates-total-cases-deaths-covid-19-tracker-today-worldometer-update-lockdown-40-latest-news-838583.html"><strong>For latest updates on coronavirus outbreak, click here</strong></a></p>.<p>Formula One's managing director for motorsport Ross Brawn said this month that the $145 million figure had been agreed and the sport would look for further reductions in future seasons.</p>.<p>The BBC and motorsport.com, citing multiple sources, said teams had agreed to reduce the cap to $140 million in 2022 and $135 million for the period 2023-25. Formula One's season has yet to start, with the first 10 races postponed or cancelled due to the COVID-19 pandemic.</p>.<p>A major rewrite of the technical regulations has been delayed to 2022, with teams carrying over this year's cars to 2021.</p>.<p>The budget cap, which does not include driver salaries, had been set initially at $175 million but some teams had wanted a more drastic limit closer to $100 million to ensure the sport survives the crisis.</p>