“Formula 1, the FIA and all ten teams have unanimously agreed to delay the introduction of the 2021 technical regulations by a year to 2022,” was the announcement made today by the sport’s stakeholders as the world is gripped with COVID-19 which has destroyed all sports schedules around the globe.
The pandemic is set to hit all businesses in the pocket, with severe losses being predicted when the crisis subsides, F1 teams are inevitably being impacted by the inevitable, loss of revenue.
“All parties further discussed the current situation of the 2020 championship and how the sport will react to the ongoing challenges caused by the COVID-19 pandemic,” said the FIA in a statement.
Due to the currently volatile financial situation this has created, it has been agreed that teams will use their 2020 chassis for 2021, with the potential freezing of further components to be discussed in due course.
The introduction and implementation of the financial regulations will go ahead as planned in 2021, and discussions remain ongoing between the FIA, Formula 1 and all teams regarding further ways to make significant cost savings.
All teams expressed their support for the FIA and Formula 1 in their ongoing efforts to restructure the 2020 calendar as the global situation regarding COVID-19 develops.
All of these commitments will be referred to the relevant governing structures for final ratification.”
This decision comes hot on the heels of it being announced that the Dutch, Spanish and Monaco Grands Prix have been postponed in line with the non-running of the first five races of the season because of coronavirus