Formula 1 has unveiled the regulations that will be introduced from the 2021 season, following months of negotiations and delays, having finally reached unanimous agreement between all parties.
The championship was set to publish its regulations for 2021 in June but all involved parties opted to delay the publication until October 31, in order to give more time for further negotiations.
All 10 teams, the FIA and FOM have reached an agreement, with the regulations ratified by the FIA’s World Motor Sport Council.
Leading figures have worked on producing a set of regulations in the hope of facilitating closer and more exciting racing, along with financial changes that it is anticipated will help bunch the field.
One key change is that a cost cap of $175m will be implemented from 2021, with a dry run set to take place through 2020 in order to get teams used to the new regulations.
Formula 1 has outlined that the 2021 regulations will feature:
– Cars that are better able to battle on the track
– A more balanced competition on the track
– A sport where success is determined more by how well a team spends its money not how much it spends – including, for the first time, a fully enforceable cost cap ($175M per season) in the FIA rules
– A sport that is a better business for those participating and more attractive to potential new entrants
– A sport that continues to be the world’s premier motor racing competition and the perfect showcase of cutting-edge technology
"Formula 1 is an incredible sport with a great history, heroes and fans all over the world,” said Chase Carey, Chairman and CEO, Formula 1.
“We deeply respect the DNA of Formula 1, which is a combination of great sporting competition, uniquely talented and courageous drivers, dedicated teams and cutting-edge technology.
"The goal has always been to improve the competition and action on the track and at the same time make the sport a healthier and attractive business for all.
“The approval of the rules by the World Motor Sport Council is a watershed moment and will help deliver more exciting wheel-to-wheel racing for all our fans.
"The new rules have emerged from a detailed two-year process of examining technical, sporting, and financial issues in order to develop a package of regulations."
"We made many changes during the process as we received input by the teams and other stakeholders and we firmly believe we achieved the goals we had set out to deliver.
"These regulations are an important and major step, however, this is an ongoing process and we will continue to improve these regulations and take further steps to enable our sport to grow and achieve its full potential.
"One of the most important initiatives we will be addressing as we go forward is the environmental impact of our sport. We already have the most efficient engine in the world and in the next few weeks we will be launching plans to reduce and ultimately eliminate environmental impact of our sport and business.
"We have always been at the leading edge of the automobile industry and we believe we can play a leadership role on this critical issue, as well.”
