McLaren's team principal says it will be a "massive and painful task" to meet new spending limits to be imposed on Formula One teams from 2021.
The sport's governing body this morning ratified a number of technical and financial regulations, with a budget cap of $219m to be introduced next year.
Earlier this week the car giant announced plans to cut 1200 jobs, more than a quarter of its workforce, with around 70 of those jobs coming from the Formula One team.
McLaren, who this month signed Australia's Daniel Ricciardo for 2021, had been pushing for an even lower cap.
A study by Forbes in 2019 found McLaren spent $405m a season, on a par with Renault ($410m) but a long way short of the top three teams, with Mercedes spending $730m, Ferrari $698m and Red Bull $671m.
Three teams spent less than the new budget cap of $219m, with Williams the lowest spending team, at $199m.
Team principal Andreas Seidl says the sport is facing some tough decisions in the future.
"It has been clear to everyone for some time that a budget cap would be applied and we pushed for a lower limit to support a financially sustainable sport. It is a big challenge ahead of us," he said.
"Adjusting the way we work and right-sizing the team to this new cap over the next months is a massive and painful task and, highlighted by our news earlier this week, will sadly mean losing team members, but our aim is to be the best-sized and most efficient team in the future.
"The cooperation and understanding of our team members have been great and with shutdown coming to an end from Wednesday onwards, it is important the team had clarity on the various regulations, which will now allow us to start work again on our cars and understand the implications of the regulations for the future."
Amongst the technical changes approved this morning is confirmation the 2020 chassis will be used again in 2021, with a very limited number of modifications allowed.
"While McLaren supports the cost-saving measures in general, we are pleased with the compromise to provide teams with enough aero freedom to retain the competitive element that is core to Formula 1 throughout 2020 and 2021, until the new technical regulations kick in for 2022," Seidl said.
McLaren CEO Zak Brown said the budget cap is a win for the sport, and a crucial moment in the history of F1, which he said has been financially unsustainable for some time.
Renault team boss Cyril Abiteboul also welcomed the measures, describing them as a victory for common sense and likely to keep Renault in the sport in the long-term.
from WWOS http://wwos.nine.com.au/motorsport/f1-2020-budget-cap-introduced-mclaren-renault-reaction/e733e0b7-26b5-4087-974f-eb2826068326
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