F1 will have $150 million budget cap in 2023!

Liberty Media has come together with the team executives to further discuss the plans for the rule changes from 2021, the biggest change being the budget cap that each team will have from then on.

In Bahrain, earlier this year, the same executives also came together, and the idea of a budget cap was first introduced. The idea was immediately rejected by Ferrari and Mercedes, but Liberty have stood their ground and will likely proceed with the idea.

Between 2021 and 2023, two steps will be taken to bring the budget down gradually.

That way, teams will have the time to reorganize. Some teams currently operate on a budget that's more than two times as big as the cap, so reorganisation will definitely take some time. Especially if the teams don't want to let a big chunk of their employees go.

Another change is that the MGU-H will disappear. This will make it easier for new teams to join the F1 as engine manufacturers.

The last point on the agenda, Ross Brawn told, was that the 18-inch wheels will stay that size.