McLaren, Renault say top teams trying to water down 2021 budget cap

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McLaren CEO Zak Brown has called on Formula 1 to ignore efforts by top teams to delay the agreement on a new budget cap for 2021.

Over the Canadian Grand Prix weekend, details of the proposed financial regulations were revealed, with a figure of $175m announced as the expected limit.

But as time ticks down to a deadline of the end of this month to sign off on the 2021 regulations, efforts are underway to delay that date until October.

“We want what will bring the best balance to the sport," the McLaren chief argued to the BBC. “As a sport, we spend way more money than we need to go racing and put on a good show for the fans.

“We’re one of the few industries that hasn’t adjusted to today’s economic realities and as a major sport, we have more financial imbalance among competitors than any other.

“We need to push forward so that every team has a reasonable opportunity to be competitive. We need to lock down the future of the sport before it’s too late.”

Renault chief Cyril Abiteboul, who also criticised the plans reported this past weekend, suggested the attempt to delay was part of the top teams' efforts to water down planned changes.

“The more time passes, the better it looks to be for the established teams taking advantage of their current power,” he declared.

“I understand everyone accepts the principle of the financial regulations, budget cap, plus the figures and exclusions that have been come up with.

“So for me, there is no reason to not set that in stone unless people are not acting in good faith and are willing indeed to get something different from what has been, we believe, agreed.”

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Ferrari boss Mattia Binotto then put forward the argument for the top teams, suggesting more details need to be negotiated.

“On the principle of the objectives, we are all on the same page and have been since the first time," he said.

“But time is running out and we are late and the regulations have just been published and are not mature enough to be voted [on] so I think postponing was the proper decision.”