LIBERTY MEDIA REVEALS F1 FUTURE

Today in a meeting held at the Bahrain International Circuit, Formula 1 presented the teams and the FIA its proposals for the future of the sport from 2021 onwards. The big F1 meeting was not like a discussion. It was a presentation by Chase Carey and Ross Brawn. All team principles got a piece of paper with the planned changes in written form. 2021 F1 plans are not up for discussion according to padock sources. Teams have the choice to take part or leave. FIA is supporting those changes.

Chase Carey, Chairman and CEO at Formula 1, said: "Formula 1 is a sport with a rich history. We want to preserve, protect and enhance that history by unleashing F1s potential, by putting our fans at the heart of a more competitive and more exciting sport. We are driven by one desire: to create the world’s leading sporting brand. Fan- centred, commercially successful, profitable for our teams, and with technological innovation at its heart."

KEY STRATEGIC INITIATIVES

1. Power units (PU)
The PU must be cheaper, simpler, louder, have more power and reduce the necessity of grid penalties. It must remain road relevant, hybrid and allow manufacturers to build unique and original PU. New PU rules must be attractive for new entrants and Customer teams must have access to equivalent performance.

2. Costs
We believe how you spend the money must be more decisive and important than how much money you spend. While there will be some standardised elements, car differentiation must remain a core value. Implement a cost cap that maintains Formula 1's position as the pinnacle of motorsport with a state-of-the-art technology. (According to sources in the paddock teams have been informed about the introduction of a budget cap of $150m for 2021.)

3. Revenues
The new revenue distribution criteria must be more balanced, based on meritocracy of the current performance and reward success for the teams and the Commercial Rights Holder. F1s unique, historical franchise and value must and will still be recognised. Revenue support to both cars and engine suppliers.

4. Sporting and technical rules and regulations
We must make cars more raceable to increase overtaking opportunities. Engineering technology must remain a cornerstone but driver’s skill must be the predominant factor in the performance of the car. The cars must and will remain different from each other and maintain performance differentiators like aerodynamics, suspensions and PU performance. However, we believe areas not relevant to fans need to be standardised.

5. Governance
A simple and streamline structure between the teams, the FIA and Formula 1.

Ferrari and Mercedes remain the two teams that need the most convincing. Immediately after the meeting, Toto Wolff and Niki Lauda met with Maurizio Arrivabene at the Mercedes hospitality building to discuss what they'd heard.