Formula held a press conference today to announce the new regulation changes for 2021. In what was described as a collaborative effort, Jean Todt launched the conference by saying he was surprised that the cost-cap agreements and some of the other details were all achieved.
Watch the conference here:
View and overview of the changes here:
From 2021 onwards Formula 1 will have:
- 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 (starting at 175M$, with plans to reduce this number in the future) in the FIA rules.
- A sport that is a more sustainable business for those participating
- A sport that continues to be the world’s premier motor racing competition and the perfect showcase of cutting edge technology.
The regulations that have been unanimously approved by the World Motor Sport Council will be married to a new governance and profit sharing structure which will enable the sport to grow and improve while further strengthening the business model. These agreements are in an advanced stage with the teams.
Welcoming the new regulations via video link from Geneva, Switzerland, FIA President Jean Todt said: “After more than two years of intense research and development, of close collaboration with our partners at Formula 1, and with the support of the teams and drivers, circuit designers, the single tyre supplier, Pirelli and all F1 stakeholders, the FIA is proud to publish today the set of regulations that will define the future of Formula 1 from 2021 onwards.
“It is a major change in how the pinnacle of motor sports will be run, and for the first time, we have addressed the technical, sporting and financial aspects all at once. The 2021 regulations have been a truly collaborative effort, and I believe this to be a great achievement. A crucial element for the FIA moving forward will be the environmental considerations – Formula 1 already has the most efficient engines in the world, and we will continue to work on new technologies and fuels to push these boundaries further.
“What the FIA publishes today is the best framework we could possibly have to benefit competitors and stakeholders, while ensuring an exciting future for our sport.”
Presenting the new regulations in Austin ahead of this weekend’s United States Grand Prix, Formula 1 Chairman and CEO Chase Carey said: “Formula 1 is an incredible sport with a great history, heroes and fans all over the world. 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 Motorsport 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. 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.”