Formula 1 will create a working group, which will include drivers, in order to evaluate the possibility of introducing tighter financial control on leading figures in the championship.
Formula 1 has long sought to reduce costs and for the first time this season financial regulations will be in force.
An annual budget cap of $145m has been implemented, a reduction on the initial $175m proposed in late 2019, as a response to the Covid-19 pandemic.
This figure will reduce to $140m next year and then $135m in 2023 in order to assist some operations to adjust to the scale and size of the change.
However there are several exemptions, most notably costs relating to marketing, race driver salaries, as well as the costs of the three highest-paid management.
Formula 1’s major stakeholders met virtually on Thursday in order to discuss several matters, approving an engine freeze from 2022, giving the green-light for the Portuguese Grand Prix, and affirming support for a handful of qualifying races.
A proposal for Pirelli to have 30 days of 18-inch tyre testing, rather than 25 days, was also ratified while the key objectives for the 2025 engine formula were outlined.
Some attention was also diverted to the concept of imposing financial control on the salaries of key personnel in the championship.
A variety of topics “around controlling costs and how this overall objective can be achieved over the coming years were tabled during the meeting,” Formula 1 confirmed.
“As part of this, a working group will be created – including the drivers themselves – to discuss the topic of driver and senior team management contracts.”
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