Team Principals and Formula One management met at the Bahrain International Circuit where Liberty Media presented their vision for Formula One from 2021. The current concorde agreement between F1 and the teams expires in 2020, this was quite an important presentation for Liberty Media and the teams to decide whether they would continue in the sport after 2020.

Speaking after the meeting F1 CEO Chase Carey said that it was important for them to preserve, protect and enhance the history of F1 by unleashing it’s potential.

“Formula 1 is a sport with a rich history,” said Carey

“We want to preserve, protect and enhance that history by unleashing F1s potential, by putting our fans at the heart of a more competitive and more exciting sport,” he added.

“We are driven by one desire: to create the world’s leading sporting brand.

“Fan- centred, commercially successful, profitable for our teams, and with technological innovation at its heart.”

The key strategic objectives for the future of F1 centres on 5-key points. Power Units, costs, Revenues, Sporting and technical rules and regulations, and Governance.

Power units (PU)

• The PU must be cheaper, simpler, louder, have more power and reduce the necessity of grid penalties.
• It must remain road relevant, hybrid and allow manufacturers to build unique and original PU.
• New PU rules must be attractive for new entrants and Customer teams must have access to equivalent performance.

Costs

• We believe how you spend the money must be more decisive and important than how much money you spend.
• While there will be some standardised elements, car differentiation must remain a core value
• Implement a cost cap that maintains Formula 1’s position as the pinnacle of motorsport with a state-of-the-art technology.

Revenues

• The new revenue distribution criteria must be more balanced, based on meritocracy of the current performance and reward success for the teams and the Commercial Rights Holder.
• F1s unique, historical franchise and value must and will still be recognised.
• Revenue support to both cars and engine suppliers.

Sporting and technical rules & regulations

• We must make cars more raceable to increase overtaking opportunities.
• Engineering technology must remain a cornerstone but driver’s skill must be the predominant factor in the performance of the car.
• The cars must and will remain different from each other and maintain performance differentiators like aerodynamics, suspensions and PU performance. However, we believe areas not relevant to fans need to be standardised.

Governance

• A simple and streamline structure between the teams, the FIA and Formula 1.

After the announcement, CEO of Aston Martin Andy Palmer alluded that Aston Martin are on track to join the sport after the new proposals that were put forward.

We are extremely pleased to hear today’s news regarding the future of Formula One. These prospective changes support many of the requirements needed for Aston Martin to enter the sport as an engine supplier. This is a very positive step in the right direction.

— Andy Palmer (@AndyatAston) April 6, 2018