According to the Racing Point team manager, the F1 teams will have a proposal for the budget ceiling by next week at the latest.

Initially, the budget cap was set at $175 million per season, but many teams would like to see the cap lowered to $100 million, which is opposed by Red Bull and Ferrari.

However, according to Racing Point team director, a proposal is expected to arrive very soon and should be suitable for all teams on the grid.

“I think we will have a proposal very soon, either by the end of this week or early next week. ” Otmar Szafnauer told Sky Sports.

“We’ll see what Jean [Todt, FIA president] and Chase [Carey, F1 president] and the FOM will come up with.

“I may be more pragmatic than many, but I think what we need to do here is look at the whole sport – not just be selfish as we usually are about our own position.

“Yes, the big teams went from 175 million to something lower, but 100 million for them might be just a little too hard to reach and might be a little too big a reduction.

The American explains that a budget cap of 130 million would be a good fit for Racing Point [which will become Aston Martin F1 in 2021].

However, Szafnauer insisted that it was essential for F1 to keep all its teams.

“We have to be realistic and pragmatic so that we don’t have a budget cap where some of the biggest teams are saying, ‘You know what? At this level [of budget, we won’t be very effective. I’d better take my championships and get out of Formula One. ”