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Formula One bosses to meet again over budget cuts as half of F1 workforce furloughed during coronavirus crisis

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Formula One bosses will meet again by the end of the week to thrash out budget cuts as a third team on the grid began furloughing its workforce.

Racing Point joined two of the stalwarts of the sport in McLaren and Williams in taking up the Government scheme, with Formula 1 having put half of its 500-strong workforce on furlough.

Already, the first eight grands prix have been cancelled or postponed, with talks taking place on Monday over budget cuts.

McLaren team boss Zak Brown warned that four teams were in danger of folding.

Already, it has been agreed to slash the 2021 budget cap for teams to £122million with pressure on to cut that down to £102m.

But the three leading teams: Ferrari, Mercedes and Red Bull, have blocked such a move saying as providers of parts for the cars of many of their on-grid rivals it was unfair.

A move by Red Bull, however, to delay the major overhaul by another year was blocked by other teams.

One of the biggest changes to the regulations in years had been due to come into force in 2021, but that has since been put back by a year.

A proposal by Red Bull to push that back to 2023 was halted in the five-hour marathon on Monday.

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