Formula 1 unveils blueprint for the future

Formula 1 presented teams on Friday with a vision for the sport after 2021 that included cheaper and simpler power units, the implementation of a cost cap and more balanced distribution of revenues.

Formula 1 published a five-point plan, outlining key initiatives put to team principals during a 90-minute meeting ahead of opening practice for Sunday’s Bahrain Grand Prix.

The meeting had been anxiously awaited, with Ferrari — the sport’s oldest and most successful team — repeatedly warning since last year that they could ultimately walk away from the sport if they did not like what was on offer.

Formula One said future power units (PU) needed to be “cheaper, simpler, louder, have more power and reduce the necessity of grid penalties.”

The engines must also remain road relevant for manufacturers, and hybrid, with the rules making it attractive for new entrants.

On costs, Formula One said that “how you spend the money must be more decisive and important than how much money you spend.”

It gave no details about any cap, however.

“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,” the statement added.

Formula One said overtaking opportunities needed to be increased and driver skill needed to be the “predominant factor” in the car’s performance.

While cars must remain different from each other, areas not relevant to fans needed to be standardised, Formula One said.

Governance of the sport also needed to be simple and streamlined.

“We are driven by one desire: to create the world’s leading sporting brand,” said Formula One chairman Chase Carey.

“Fan-centred, commercially successful, profitable for our teams, and with technological innovation at its heart.”

Report on the official F1 website:

Today during a meeting of the sport’s stakeholders held at the Bahrain International Circuit, Formula 1 presented the teams and the FIA its proposals for the future of the sport from 2021 onwards.

Chase Carey, Chairman and CEO at Formula 1, said: “Formula 1 is a sport with a rich history. We want to preserve, protect and enhance that history by unleashing F1’s 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.”

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.

Costs

  • 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.

Revenues

  • 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.
  • F1s 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.

Governance

  • A simple and streamline structure between the teams, the FIA and Formula 1.