|McLaren must spend the money to design the 2021 car to fit the Mercedes engine before the budget cuts go into effect.|
As expected, following unanimous agreement between all ten teams, the FIA and F1, the 2021 technical regulations have been postponed until 2022, the budget cap will go ahead next year as planned.
In a brief statement issued this afternoon, the FIA said:
"Following unanimous agreement between the FIA, Formula 1 and all teams, the implementation of the Technical Regulations due to take effect from the 2021 season will be postponed until 2022.
"All parties further discussed the current situation of the 2020 championship and how the sport will react to the ongoing challenges caused by the COVID-19 pandemic. Due to the currently volatile financial situation this has created, it has been agreed that teams will use their 2020 chassis for 2021, with the potential freezing of further components to be discussed in due course.
"The introduction and implementation of the Financial Regulations will go ahead as planned in 2021, and discussions remain ongoing between the FIA, Formula 1 and all teams regarding further ways to make significant cost savings.
"All teams expressed their support for the FIA and Formula 1 in their ongoing efforts to restructure the 2020 calendar as the global situation regarding COVID-19 develops.
"All of these commitments will be referred to the relevant governing structures for final ratification."