The Formula One motor-racing series has said it has taken a “step closer” to overhauling a number of its rules in 2021 following a meeting of key stakeholders in London yesterday (Tuesday).
F1 said its new chapter will feature “new rules, governance structure, revenue distribution strategy and cost controls”. Yesterday’s meeting proved constructive in ensuring these changes are implemented from 2021 onwards.
Representatives of F1 teams and manufacturers attended yesterday’s meeting, which discussed a full framework for the future of the series that has been created in association with the International Automobile Federation (FIA).
No specific details of the plans have been disclosed by F1 or the FIA but yesterday’s meeting was positive, the series said. Discussions are set to continue over the coming weeks, with the Autosport website reporting that a final framework is not expected to be in place until May or June.
F1 said in a statement: “Over the past months, F1 bosses and the FIA have been working on a framework that includes new technical and sporting regulations, power unit rules, costs, governance and revenue distribution and this was presented on Tuesday.
“The day opened with a meeting of the Strategy Group and was followed by a meeting of the F1 Commission, bringing together all of the sport’s stakeholders to see how the vision has evolved almost a year on from the presentation F1 made to the FIA and teams in Bahrain last year.
“Ultimately, F1 wants to create great action and bring the cars closer together, make the drivers the heroes and make the business more sustainable.”