Following discussions between F1 bosses and the FIA, the teams have now been offered a proposal for the budget cap - due to be introduced next season - which will see the spending limit gradually reduced from $145m (£115m) to $135m (£107m).

Likewise, there will be a sliding scale in terms of the money teams are allowed to spend on aero development, understood to be linked to their success, with the less successful teams allowed to spend more (assuming they have it) in a bid to catch their rivals.

In a bid to placate Ferrari and Red Bull, who have argued that they should be allowed a higher limit as they develop components for rivals, it is understood that this has been taken into consideration and is addressed in the proposal.

However, while the teams broadly agree on the $145m figure, it remains to be seen if Ferrari and Red Bull will agree to what has been termed the "notional vale" of customer components.

It is understood that the proposal would see the cost of customer components bought from the bigger teams deducted from their budget, as opposed to allowing the supplying teams a greater allowance.

While this year's cars will be carried over into 2021, and the major rules overhaul delayed until 2022, the budget is due to come into effect next year. Initially at $145, then reducing to $140m in 2023 and $135m in 2023 and beyond.

While Ferrari and Red Bull have already voiced their objections, the FIA's World Motor Sport Council recently approved a move whereby the unanimous approval of the teams is no longer required in order to change the rules at short notice.

While the FIA argued that the move - which means that only five teams need to give their consent - was "in view of the unparalleled Covid-19 crisis", F1 bosses will breath a huge sigh of relief at what appeared to be a tactical move aimed at the sport being held to ransom.

For as long as anyone can remember, the sport has been seeking a way to curb spending while also attempting to level the playing field and thereby improve the racing.

With the coronavirus causing financial issues for teams, indeed the sport itself, those involved must take a long, hard look and decide where they want the sport to go from here.

While once can understand some of the arguments being put forward by both sides, the fact is that unless a curb is put on spending, especially at a time the money is not flowing into the kitty, the sport simply isn't sustainable.