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Formula 1 race

With the start of the 2021 Formula 1 season in sight, we reflect on the challenges that have been faced in the run up to it and look forward to the year ahead. F1 has not been exempt to the pressures of the pandemic sweeping across the world, which has resulted in major design and technical changes that were due to come into effect for the start of this season being pushed into 2022. The teams are also having to contend with the recent introduction of budget caps, starting at a maximum of $145 million in 2021, reducing to $140 million in 2022 and $135 million in 2023 (*these costs do not take into account marketing, driver salaries or the teams 3 highest paid personnel). Such caps are hoped to bring all the teams onto a more ‘level’ playing field but are likely to have the biggest impact on the big 3, consisting of Ferrari, Red Bull and Mercedes. Time will tell if such action will indeed achieve this goal. With 23 races currently on the F1 calendar, it is going to be an adrenaline fuelled year!

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