Coronavirus: F1 teams agree to explore budget cap further after crisis meeting

Formula 1 bosses ended their crisis meeting on Monday with an agreement to look further into the issues around lowering a budget cap. Teams had already agreed to reduce the original $175m (£142m) cap in 2021 to $150m (£122m) as a result of financial problems caused for F1 by coronavirus. But at the meeting, the top three teams pushed back on a proposal to reduce the cap further to $125m (£102m). Haas, for example, buy every part other than the monocoque and aerodynamic surfaces from Ferrari.

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