Formula 1 teams agree to delay finalising new rules until October

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Formula 1 teams and bosses have agreed to delay the finalisation of new rules for 2021 until the end of October.

There was a statutory deadline of this month for the changes to be settled but the unanimous agreement required for a delay was reached on Thursday.

To achieve it, teams had to sign a letter guaranteeing that provisions for a budget cap and other financial rules could not undergo any further changes.

Five smaller teams had refused to agree to the delay without this promise.

This means that in 2021 teams will have to operate on a maximum budget of $175m, with exclusions for driver costs, the salaries of the three top executives, and marketing and race weekend travel costs.