All the F1 teams meeting the budget cap is a big relief for the sport | Giles Richards

First year was a drawn-out process that ended in acrimony but this announcement is a step in right direction to increase competition

There will be no little reassurance within Formula One that at the second time of asking the sport’s budget cap has been met by all the competitors. The sense of relief when the news was announced on Tuesday will extend beyond the 10 teams who have met the criteria but also across F1’s owners and its governing body, the FIA, for whom enforcing these financial rules has become a central tenet of the future of the sport.

Failure to meet the cap this time would have been a blow to long-term hopes that the budget cap would, ultimately, make the sport more competitive.

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