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Motor racing: FIA approves F1's cost-saving package and budget cap reduction

Formula One F1 - Monaco Grand Prix - Circuit de Monaco, Monte Carlo, Monaco - May 26, 2019, General view during the race. [REUTERS/Benoit Tessier/File]

Formula One's governing body hailed a major step forward on Wednesday after approving a package of cost-cutting measures including a $145 million budget cap from next year.

The measures, rubber-stamped by the FIA's World Motor Sport Council by an online vote, aim to create a more level playing field for the 10 teams and a more sustainable future.

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