A series of key meetings regarding the future of Formula 1 from 2021 onwards took place on Tuesday in London, with a focus on creating more action in future.
The first meeting was of the Strategy Group which comprises of the FIA, F1, Mercedes, Ferrari, Red Bull, McLaren, Williams and Renault, although the rest of the teams are able to join as observers. That was followed by a meeting of the F1 Commission, also including all teams as well as various F1 partners, sponsors and circuit representatives.
During these meetings, F1’s commercial rights holder Liberty Media unveiled further details of its plans for the sport beyond the end of 2020, when the current commercial agreements with the teams expire.
Those plans include new regulations for cars that are designed to encourage better racing, development of the power unit rules, and a budget cap that could well be introduced on a glide path starting next season.
Liberty is also understood to have outlined its plans for revenue distribution, with a number of teams currently receiving extra payments based on their historical status, ensuring that the bigger teams have been earning more regardless of their on-track performance.
F1 CEO Chase Carey has been keen to keep the content of the presentations and negotiations with the teams out of the public eye, with the official F1 website carrying a short statement that concluded: “Ultimately, F1 wants to create great action and bring the cars closer together, make the drivers the heroes and make the business more sustainable.”
None of the meetings were designed to officially cement the 2021 regulations, as the first opportunity to approve and ratify any comes at the next meeting of the FIA’s World Motor Sport Council (WMSC) on June 14.