The teams participating in the Formula-1 world championship have agreed to reduce their budget ceiling, according to a media report.
The BBC reported, quoting several sources, that the championship teams have agreed to a plan to reduce the spending of each team in one season from 175 million dollars to 145 million dollars (133 million euros) next year.
The budget ceiling will also be reduced twice in 2022 and from 2023 to 2025 by five million dollars.
These decisions await the final approval of the International Motor Racing Federation (VIA). The BBC indicated that a vote on this decision is expected to be positive.
And Ferrari recently announced its opposition to the idea of further reducing the budgets of the participating teams. Nor was the Red Bull team likely to be cut. In contrast, other teams such as McLaren strongly supported the idea of budget cuts and spending limit.
The idea of reducing spending and reducing the budgets of Formula-1 teams was discussed during the past years. The crisis of the outbreak of the emerging Corona virus and the stopping of sporting activities in most parts of the world came to double the need of some teams to the need to reduce budgets in light of the high cost of participating in races "Formula-1".
The Corona crisis caused the Formula-1 activities that were scheduled to start in the Australian race last March, not to start, and all the championship races that were scheduled until the end of next June were postponed or canceled. The champions of the tournament are waiting for the start of the season's events in the Austrian race next July without fans.