Formula One organisers have said that they have taken a “step closer” to confirming the regulations for the championship from 2021 onwards.
With the current Concorne Agreement – the contract that sets out how the sport is run, the revenue distribution and the technical regulations – running out at the end of 2020, teams and organisers have been negotiating a new deal for the start of 2021.
Since Liberty Media acquired the sport a couple of years ago, they have been targeting the 2021 regulations as a way of bringing the teams closer together, controlling costs and creating a fairer distribution of revenue.
Negotiations have included simplifying the power unit and creating a set of regulations which allow cars to race closer together.
Whilst the finer details of the 2021 regulations yet to be revealed, Formula One organisers have commented that a recent meeting in London was a successful towards an agreement between all parties.
A statement read:
“In just over two years’ time, F1 is aiming to begin a new chapter in its illustrious history that will feature new rules, governance structure, revenue distribution strategy and cost controls. And on Tuesday in London, the championship took a step closer to making that happen from 2021 onwards.
“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.”
