Formula One is set to form a dedicated working group aimed at cost control in the sport, as the motor racing series made another senior hire and further debated the future direction of its power unit strategy.

Formula One stakeholders have put forward a “roadmap” for simpler, cheaper and noisier engines from the 2021 season, as part of efforts to attract new manufacturers to the motor racing championship.

Zoran Stefanovic, the businessman behind the failed effort to establish a Formula One team named Stefan GP, has revealed he is planning to form a new Italian-based entry for the motor racing series.