FORMULA 1 bosses have presented their proposal for the future of the sport after 2020.
Liberty Media, the sport’s commercial rights holders, made the presentation ahead of the Bahrain GP to the ten F1 teams currently on the grid.
The proposal covers the sport’s next era after the current Concorde Agreement — which binds the sport together — expires at the end of 2020.
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Liberty have confirmed their intention to introduce a cost cap and ‘cheaper and simpler’ power units.
A new ‘revenue distribution criteria’ has also been proposed, ‘based on meritocracy of the current performance and reward success for the teams and the Commercial Rights Holder.’
Additionally, Liberty have promised to maintain differentiation between cars, but ‘believe areas not relevant to fans need to be standardised’.
Attempts to improve overtaking and the spectacle will also be made.
None of the teams are yet to formally respond to the proposal.
Formula 1’s proposals at a glance
Key strategic initiatives
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.
• 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 position as the pinnacle of motorsport with a state-of-the-art technology.
• 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.
• F1’s 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.
• A simple and streamline structure between the teams, the FIA and Formula 1.