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F1 close to agreement on $145m budget cap

Red Bull's Max Verstappen (R) leads the pack during the 2019 Brazilian Grand Prix (by CARL DE SOUZA/AFP via Getty Images)

Formula 1’s managing director of motorsport, Ross Brawn, has said an agreement is close to being reached that will see the proposed team budget cap set at $145m (€133.7m), a reduction of $30m from the originally intended figure.

Brawn was speaking following a meeting yesterday (Monday) with F1 chief executive Chase Carey and the championship’s sanctioning body, the International Automobile Federation (FIA), over the future and sustainability of the sport.

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