PARIS (AFP) - Spending by Formula One teams will be capped at US$145 million (S$200 million) in 2021 with a subsequent limit of US$135 million by 2023, it was announced on Wednesday (May 27) as the sport's rulers attempt to stem the bleeding from the coronavirus pandemic.. Read more at straitstimes.com.
PARIS - Spending by Formula One teams will be capped at US$145 million in 2021 with a subsequent limit of US$135 million by 2023, it was announced on Wednesday as the sport's rulers attempt to stem the bleeding from the coronavirus pandemic.
"A major step forward for @F1 and motor sport's sustainability. Thanks to all, @fia, @F1 and the teams for this achievement," tweeted FIA president Jean Todt. As well as a budget cap, the FIA also agreed to a host of changes to technical and sporting regulations. On Tuesday, McLaren, who also make supercars, said it planned to cut 1,200 jobs and signficantly scale down its racing division after the coronavirus crisis hit sales.
"The message is clear. We've got to cut costs and have a reduction of the cost cap... If we lose some teams in this period it would be a tragedy," he said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Formula One: Russell feels esports success has raised his profileLONDON (REUTERS) - Williams Formula One driver George Russell feels his recent esports success, with back-to-back wins in the virtual Spanish and Monaco Grands Prix, is enhancing his reputation in the real world.. Read more at straitstimes.com.
Read more »
Formula One: Quarantine measures could push Silverstone races into AugustLONDON (AFP) - Two proposed British Grands Prix could be moved into August if it means the UK government do not insist on a 14-day quarantine period, according to Silverstone managing director Stuart Pringle.. Read more at straitstimes.com.
Read more »
With one ferry full of passengers, Covid-19 cases spike in Indonesia's remote eastJAKARTA - On April 7, the same day Jakarta shuttered its schools and non-essential businesses and told its residents to stay home, the ferry KM Dorolonda steamed into the port city of Baubau, in South-east Sulawesi province in Indonesia's far east.. Read more at straitstimes.com.
Read more »
'This could be the one that gets me,' says oilfield service veteranTim Harris was preparing to relocate for an assignment with energy services firm Halliburton Co for the fifth time in 15 years when his career ...
Read more »
No one to be left behind as Singapore tackles coronavirus pandemic: PM LeeSINGAPORE - Saving jobs and creating new ones will be the priority, said Prime Minister Lee Hsien Loong on Tuesday (May 26) after the announcement of a $33 billion Covid-19 support package to help keep the economy afloat.. Read more at straitstimes.com.
Read more »
HSA warns against two health products with potent ingredients, one caused woman’s face to swellSINGAPORE — The Health Sciences Authority (HSA) has warned the public to stop using two health products found to contain potent medicinal ingredients, one of which led to adverse effects in a woman who consumed it.
Read more »