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Todt happy with Liberty Media: ''Corona crisis has affected the entire F1''

Todt happy with Liberty Media: ''Corona crisis has affected the entire F1''

09-06-2020 11:34

GPblog.com

Formula 1 has taken an important step for the sustainability of the sport. Thanks to the budget cap, smaller teams can once again compete for prizes and perhaps even more important: Survive.

The coronavirus put the whole world on hold and that has major consequences for a sport like Formula 1 where the organization and the teams depend on the income per race. So far there have been no major casualties, but with the newly introduced budget cap a bigger disaster should be prevented in the future.

Todt happy with the budget cap

''The financial consequences of the crisis have not only affected a number of companies, sponsors or teams, but everything in Formula 1. Whether suppliers, manufacturers or commercial partners, everyone is affected," says Jean Todt to La Gazzetta dello Sport. For example, where Williams has to go on sale, there was also good news with the announcement that Renault wants to stay longer in Formula 1.

Todt is therefore very happy with the budget cap introduced by Liberty Media. The top of Formula 1 managed to make good use of the crisis by lowering the cap that was set at $175 million for 2021, to $145 million and in the two years that followed to $13 million.