Formula One bosses have outlined their vision for the future of the sport at a meeting of the teams on Friday in Bahrain. Liberty Media has presented their vision to the teams, with the aim of creating a cheaper, more spectacular and better run sport from 2021.
At the meeting with the teams, they outline their plans for a future of the sporting and technical regulations, power units, as well as the cost of the sport and governance.
On revenues, in addition to redistribution mentioned above, there are plans to provide revenue support to engine suppliers. The manufacturers and four biggest teams currently receive half of the prize money.
On governance, the intention is to have a simplified structure involving F1, the FIA and the teams, Liberty having complained that the system was cumbersome.
The regulations are designed to create more race-able cars and put a focus back on the drivers. However there will be some standardised parts, with the key performance areas like Aerodynamics, suspension and engines will remain an area where teams can develop.
These plans will need to be negotiated with the teams and engine manufacturers as they set out the next commercial deal which is due to come in at the end of 2020. Eyes will be on Mercedes and Ferrari, their response as the two biggest teams and suppliers could be pivotal.
After the meeting, Mercedes and Ferrari bosses were seen in meetings of their own. The reaction will be expected in the coming hours, with the strategy group, which involves the teams, Liberty, and the FIA expected to meet in the coming weeks.
Liberty has made it clear that they want to reduce cost and even up the revenue distribution to be based on current performance, rather than past performance. However, what it calls the “historical franchise” value of teams will still be recognised.
Additionally, Liberty has promised to maintain differentiation between cars, but ‘believe areas not relevant to fans need to be standardised’.
The meeting was presentation rather than a debate, with the teams left to take on what they heard and discussions to continue at a later date.