With the 2020 season not yet in progress and with 10 of the 22 races scheduled to have been canceled or postponed, 10 teams completed the new agreement.
The BBC reports that teams have chosen to reduce the budget limit to be introduced in 2021 by $ 30 million to $ 145 million.
This will be reduced again to $ 140 million in 2022 and $ 135 million for the period 2023-25.
Other steps were also agreed, the report said, including a flawed system of research and development.
The Friday agreement still needs to be officially approved by the world motorsport board of the governing body of the FIA next week.
Initially, a spending limit of $ 175 million was set to be introduced next year in an effort to help even increase competition.
But that was before international sport was stopped by a global pandemic.
Earlier this month, F1Managing director Ross Brawn has warned of “tragedy” if the team is forced out of business.
“It has become very clear, from talking to team management. The message is clear. We must cut costs and reduce cost limits … If we lose several teams in this period, it will be a tragedy,” he said.
“There will be a far more fair prize fund in the new agreement. The midfield team in particular will be much better in terms of their proportion of prize money.
“So a good midfield team must be able to score a podium, maybe win, and must be able to show a little profit. If we can achieve that, we must have a very sustainable future.”
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