Formula 1 has said it has taken a “step closer” to overhauling the championship and its rules for 2021 following a meeting of key stakeholders in London on Tuesday.
The commercial rights holders, the Liberty Media owned Formula One Group, said that F1’s new chapter will feature “new rules, governance structure, revenue distribution strategy, and cost controls”. And apparently yesterday’s meeting proved constructive in ensuring these changes are implemented from 2021 onwards.
Representatives of all 10 Formula 1 teams and engine manufacturers attended yesterday’s meeting, where a full framework was discussed for the future of the series. Also in attendance was the sport’s governing body, the International Automobile Federation (FIA).
While no specific details of any new plans or regulations have been disclosed by F1, the FIA or the teams, MotorsportWeek.com understands that yesterday’s meeting was positive, according to the Formula One Group (FOM).
Discussions are set to continue over the coming weeks, with various media outlets reporting that a final framework is not expected to be in place until May or June at the earliest.
“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,” read a statement from FOM.
“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.”
Whilst nothing specific has emerged from the London meeting, the seriousness in which the participants are taking matters is shown by the fact that nothing seems to have been leaked from either the Strategy Group or F1 Commission meetings. Whereas in the past, there have usually been leaks and rumours abounding; this time there is nothing…
