Formula 1 has presented its vision for the future of the sport to teams and the FIA in Bahrain.
The proposals, made for the 2021 season onwards, consist of five key pillars; Cars, Revenues, Costs, Engines, and Governance. F1 hopes that the proposed changes will create better action while making the business more sustainable.
Perhaps the most important of these proposed changes will be the introduction of a cost cap. The sport has yet to decide on a number but believes a cost cap will even up competition. This would mean that some of the larger teams would be required to significantly reduce their workforces. Some of the smaller teams would then benefit from an increase in funds.
Speaking to Sky Sports about the cost cap, F1 motorsport boss Ross Brawn said it should result in closer competition.
“We wouldn’t include a driver’s salary in our proposal for instance, we wouldn’t include marketing because in terms of developing a sport, developing a brand, teams should be free to do what they want.
“We think there is a need to readdress our references as to what is correct to spend in F1. Out of that, we’ll have closer competition, teams with better business models and we’ll have a better sport,” Brawn said.
Fairer revenues and more exciting engines on the cards
Revenues could also change under the proposed rules. Currently, revenues are shared out between teams depending on their constructors’ championship position. Ferrari, Mercedes, Red Bull, McLaren, and Williams all receive additional funds for competing.
From 2021, Formula One wants a fairer and more equitable revenue system that provides teams with payments based on performance. Engines suppliers would also receive payments for their commitment to the sport.
As previously reported, powertrains will change from 2021. F1 wants to retain hybrid turbocharged engines but plans to make them simpler, cheaper, and noisier. Additionally, some fuel limits would be removed to allow drivers to push their cars.
Chiefs from Formula 1 plan to meet with teams individually over the coming days and weeks to make changes to the proposals when necessary. It is hoped that refined plans can be presented in May before a final decision is made.