Formula 1 boss Chase Carey is confident the budget cap process set to be introduced for the 2021 season can be policed.
Proposals put to teams ahead of the Canadian Grand Prix set out a $175 million budget cap, within which all teams would need to operate from 2021.
A number of items were excluded from the list, including driver salaries, with limitations surrounding the use of some prize money payments made to teams.
On the agenda for more than a decade, the stumbling block aside from agreement from teams has been the ability to enforce any proposed budget cap.
However Carey, F1’s CEO, believes the proposed system has been carefully designed in an effort to ensure it works.
“It took us a year to discuss this process through,” Carey told Servus TV.
“Not only to get a suitable limit, but also a process with which we can review it accordingly. Everyone can be sure that the cost structure is reliable.
“Our sport is complicated, but these tricks can be found in every business worldwide.
“The rules are clear; you need access to the information to make sure that this is done reliably, but I am confident that this can also be checked properly and reliably.”
Carey intends for the process to go through a dry run next season to ensure processes and procedures are well in place ahead of the 2021 campaign.
Teams will continue to operate as they currently do throughout 2020, with the cost cap only coming in – if ratified by the World Motor Sport Council – for the following season.
“The plan is to carry out a test run by 2020. That won’t affect the budget limit yet, but at least the process of how we check information,” Carey explained.
“Everyone should get a year to understand how it works. We want to see what the results are like.
“It will be a learning process, I am sure. We have no illusions.
“My guess is that we will refine the cost structure even further.
“We and the teams have to live with it but we needed a starting point now and that is the beginning of a process that continues.
“We are again trying to create a sport that makes the competition better than it is today. It must be a healthier business for everyone involved.”
The cost cap regulations are part of a wide reaching range of rule changes set to be introduced for 2021 that cover technical, financial, and sporting aspects of Formula 1.
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