Liberty Media reveals plans to make F1 more spectacular from 2021

Liberty Media announced its plans for 2021 during a presentation to all teams in Bahrain on Friday

F1 chairman Chase Carey and formula one chief Ross Brawn gave a presentation during a meeting scheduled with team principals of all teams explaining their vision about the future of Formula 1 from 2021. The key areas discussed in the 90-minute meeting were majorly concentrated over revenues, sporting and technical regulations, power units, costs and governance. 

Following are the major highlights from the release issued by F1 chiefs outlining the key changes that are being worked on.

Power Units(PU):

• The engine would be cheaper, louder, more powerful and simpler in construction.
• The new rules about the engines would be less complex, thus attracting new entrants.
• The new era engines would still remain road relevant and would encourage manufacturers to build unique and original designs.
• The customer teams would also have access to the equivalent performance.

Revenues:

• The new revenue distribution criteria would be more balanced which would be based on the current performance of the team and would reward success for the teams and the commercial rights holder.
• The Liberty Media Chairman emphasised that they would value the history of formula one and they would recognise its historical value, uniqueness.
• Revenue support would be provided to both cars and engine suppliers.

Costs:

• Liberty believes 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.

Sporting and technical rules & regulations:

• It wants to make cars more raceable so as 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 streamlined structure between the teams, the FIA and Formula 1.

Friday's gathering was very much a presentation rather than a debate, with the teams left to take on what they heard and discussions to continue at a later date.

"It was a more a meeting to pass the information and to pass the views onto the teams," Brawn later told to the media.

Carey said in a statement: "Formula 1 is a sport with a rich history. 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.

"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."