Budget cap to be introduced in 2015
9 December 2013 – Formula 1 will introduce a budget cap from the start of 2015, with basic terms being agreed at a meeting of the sport's Strategy Group and Commission in Paris on Monday.
A working group will now be put together to determine the finer details of the cuts, including representatives from governing body the FIA and commercial rights holder FOM, and Formula 1 team members.
A deadline for the regulations to be decided in full has been set as June of next year.
The concept, which has long been under discussion, was put under the spotlight once more this season, with a number of teams admitting to financial struggles.
A budget cap was previously attempted under Max Mosley's tenure as FIA President. After setting a figure of £30 million for the 2010 season, it was later increased to £40 million before the idea was scrapped.
Aside from cost-cutting, there were a number of other regulation tweaks agreed at the meeting, the most prominent being double points for the season finale in a bid to extend championship battles.
As expected, permanent driver numbers were pushed through. Number one will be reserved for the World Champion, with the remaining drivers being asked to choose their preferred number between two and 99.
If more than one driver chooses the same number, priority will be given based on the previous year's championship standings.
A new five-second penalty will also be introduced, aimed at punishing minor offences. The full extent of how this will work is yet to be determined.