Formula One: FIA agree to F1 budget cap of US$145 million for 2021

May 28, 2020 3:00 AMPARIS (AFP) - Spending by Formula One teams will be capped at US$145 million (S$200 million) in 2021 with subsequent cuts for a limit of US$135 million by 2023, it was announced on Wednesday (May 27) as the sport's rulers attempted to stem the bleeding from the coronavirus pandemic.