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F1 teams face five years of spending restrictions under budget cap regime

  • FIA confirms $145m cap for 2021 with further cuts up to 2025
  • McLaren CEO says new rules ‘will ensure greater competition’

Formula One teams must make significant cuts to their budgets in each of the next five seasons after the FIA announced new budget caps on Wednesday.

The first-ever F1 budget cap will come into force next season, set at $145m (£117m), a significant cut from the initial plan to set the limit at $175m.

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