Formula 1 teams have approved major cost-cutting changes aimed at helping the sport see out the coronavirus crisis.

Teams voted on Friday over a package of cost-cutting measures to secure the future of F1 in the wake of the ongoing COVID-19 crisis and agreed to accept the changes, supported a bid to slash the budget cap from $175m down to $145.

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Despite initial resistance from Ferrari, following weeks of discussions between the 10 teams, the FIA and F1 bosses, the $30m reduction has been formally accepted by e-vote.

It is understood the cost cap will be lowered again to $140 in 2022 and $135m for the following three years.

F1 has already agreed to delay its drastic planned overhaul of the technical regulations by a year until 2022 in a bid to reduce spending, with teams now carrying over their 2020 chassis into next season.

But further cost-saving changes have now been backed, including the introduction of an aerodynamic handicap system and rules around the allowance of open parts.

A plan to limit aero development will see the worst performing teams allowed more wind tunnel and CFD development time compared to the teams at the front of the grid.

While teams have given the changes the green light, the matter still needs to put to the the FIA’s World Motor Sport Council for official approval.

The government body’s e-vote is set to take place next week and final ratification is expected to be a formality.