Official: Cost cap remains for 2021, technical regulations postponed to 2022

After all ten teams unanimously agreed to postpone the 2021 technical regulations by a year, the FIA have now made it official, adding the financial cap for teams will remain in place for next season.

The aim for the delay of the new technical regulations is to "reduce the financial burden" on teams, especially as incomes of every constructor will drop with the postponement of so many Grands Prix as prize money depends on the F1's income.

On Thursday, all teams came together and reached the decision to postpone the rules, with the FIA releasing a statement following the announcement.

“All parties further discussed the current situation of the 2020 championship and how the sport will react to the ongoing challenges caused by the COVID-19 pandemic.

“Due to the currently volatile financial situation this has created, it has been agreed that teams will use their 2020 chassis for 2021, with the potential freezing of further components to be discussed in due course.

“The introduction and implementation of the financial regulations will go ahead as planned in 2021, and discussions remain ongoing between the FIA, Formula 1 and all teams regarding further ways to make significant cost savings.

“All teams expressed their support for the FIA and Formula 1 in their ongoing efforts to restructure the 2020 calendar as the global situation regarding COVID-19 develops.

“All of these commitments will be referred to the relevant governing structures for final ratification.”