2 May 2009

Big changes to Formula One for next year

7:30 am on 2 May 2009

Big changes have been confirmed for Formula One motor racing next year, including a salary cap, and an expanded field.

The optional salary cap for teams has been set at $100 million, compared with the $350 million-plus some teams have been used to spending annually.

The salary cap doesn't include drivers' salaries which can be in excess of $35 million.

Three new teams will be allowed to enter the world championship, expanding the starting grid to 26 cars from next year, and teams who compete with a budget cap will be given more technical freedom.

The sport's governing body, the FIA, says interest in the new deal has been extremly high from both existing teams and potential new entrants, and they hope all teams will eventually choose to compete under the salary cap.

The deadline for teams wanting to enter next year's championships is the 29th of this month.