Formula 1 has revealed new technical, financial and sporting regulations aimed at making racing closer and fairer from 2021 and beyond.
The new regulations have been “adopted unanimously” by the World Motorsport Council, according to FIA president Jean Todt.
Liberty and F1’s teams have been locked in negotiations regarding the new regulations for some time, with the announcement having been pushed back from an original date in June.
An annual spending cap of $175m has been imposed on teams, something Todt admitted scepticism over, while praising F1 CEO Chase Carey for convincing him and the teams of its merits.
F1’s release promises that from 2021 and beyond the sport will have:
• cars that are better able to battle on the track; • a more balanced competition on the track; • a sport where success is determined more by how well a team spends its money not how much it spends – including for the first time, a fully enforceable cost cap (175M$ per season) in the FIA rules; • a sport that is a better business for those participating and more attractive to potential new entrants, and • a sport that continues to be the world’s premier motor racing competition and the perfect showcase of cutting edge technology.