Formula 1’s managing director, Ross Brawn, has said the new vision for the sport should help the smaller teams make a profit every season.
Brawn has provided some crucial updates this week, firstly confirming that a further reduction in the incoming budget cap to $145m is in the final stages of being agreed and the new rules and regulations will be definitely in place for the start of the 2022 season.
Once they are in place, Brawn envisages a economically viable sport which will not only be in the best interests of every current Formula 1 team, but could potentially attract new ones in future, too.
“The midfield teams, in particular, are going to be much better off in terms of the portion of the prize money,” Brawn told Sky Sports.
“It’s being balanced in every direction – we’re reducing the amount of money that can be spent in Formula 1, and we are improving the distribution of the prize fund more evenly to teams.
“So a good midfield team should be able to score podiums, maybe a win, and it should make a small profit, and if we can achieve that then we’ve a very sustainable future.”
Brawn said Formula 1 will continue to do everything they can to help those teams in the most desperate of financial support by providing funds.
“We’ll judge at what level we should support the prize fund in the next six to 12 months because obviously we want to keep Formula 1 alive. If we lose teams in this period it will be a tragedy,” added Brawn.
“We’ve been working very hard on a fair and equitable way amongst the teams. Liberty have shown their strength by creating this fighting fund, and we just need to see how things now develop.
‘All teams are effectively in FIA lockdown, in place until the end of May.
“We need to know what the calendar looks like, and what the income is like for the rest of the season, and then sit down with the teams to see how we can find a way of making sure we can continue on this journey because the future looks so good.
“It would be frustrating if things fell by the wayside now. We don’t want that. We’ve 10 very good teams in Formula 1, and we want to keep it that way.”