Formula 1 will introduce a budget cap from the start of 2015, with basic terms being agreed at a meeting of the sport’s Strategy Group and Commission in Paris on Monday.
A working group will now be put together to determine the finer details of the cuts, including representatives from governing body the FIA and commercial rights holder FOM, and Formula 1 team members.
A deadline for the regulations to be decided in full has been set as June of next year.
The concept, which has long been under discussion, was put under the spotlight once more this season, with a number of teams admitting to financial struggles.
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