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rdf:type	schema:NewsArticle
schema:articleBody	Spending by Formula One teams will be capped at $145 million in 2021 with subsequent cuts for a limit of $135 million by 2023, it was announced Wednesday as the sport's rulers attempted to stem the bleeding from the coronavirus pandemic. The FIA's World Motor Sports Council ratified the amendments to F1's rules after seeing a season decimated by COVID-19 with 10 of the scheduled 22 races already either cancelled or postponed. From 2021, costs will be capped at $145 million (132 million euros) with a limit of $140m for 2022 and $135m for 2023-2025, based on a 21-competition season, said a FIA statement. Before the pandemic struck, a spending cap of $175m was set to be introduced next year in a bid to help even up the competition. "The World Motor Sport Council has approved further changes to the regulations governing the FIA Formula One World Championship primarily due to the ongoing need to reduce costs and safeguard the sport in light of the COVID-19 pandemic," added the statement. dj/pb
schema:headline	FIA agree to F1 budget cap of $145m for 2021
schema:mentions	Formula One Bleeding Cap Pandemic Severe acute respiratory syndrome coronavirus 2 Coronavirus disease 2019 FIA World Motor Sport Council Motor Sport (magazine) Federal Investigation Agency
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-05-27 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	90 (xsd:integer)

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