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F1 teams approve radical rule, budget changes. (Autosport)

Formula 1 teams have approved a radical set of rule changes aimed at securing the future of the sport in the wake of the coronavirus pandemic.

Multiple sources have confirmed that teams supported the changes, which included F1’s budget cap being cut from $175 million to $145 million next year and other rules including an aero development handicap system and the use of open source parts.

As well as the budget cap, other rules forming part of the package included a radical aero development handicap system, where the worst performing teams are allowed more wind tunnel and CFD development time compared to the more successful outfits, plus the allowance for the use of open source parts.

With the teams having approved the rule changes, the matter now needs to be put to the FIA’s World Motor Sport Council for final ratification.