Carey clear about the future: ''More than three teams should be able to win''

Initially, as of 2021, the budget cap of $175 million per team would go into effect, but this amount has been reduced. The coronavirus gave F1 the possibility to reduce this cap, with some exceptions to the rule, to $145 million, with further reductions in the following two years to $135 million from 2023.

Everyone should be able to win

"It's extremely important for the sport that there's competition on the track. It is not incidental that there are three teams that win everything in Formula 1, because that has been the case for the past five years. We want to make sure that F1 remains the king of motorsport, but now we spend ten times more than in any other competition," says Carey on the website of Formula1.com.

''We want it to be more about how you spend your money and not how much you can spend. Of course, a cap brings difficulties, but it will make for a healthier sport in the future. In the long run, you just can't have a sport where only three out of ten teams can win. It has to be a fair field, where even the underdog can win,'' Carey concludes his plea for F1.