Formula One presented a dramatic overhaul of the sport on Thursday with a new car and regulations aimed at producing closer and cheaper competition from 2021 as well as more exciting and environmentally-friendly racing.
The new technical, sporting and financial rules include a budget cap and represent the fruit of two years of discussions between stakeholders including teams, the governing FIA and US-based commercial rights holders Liberty Media.
The regulations were earlier approved unanimously by the FIA’s World Motor Sport Council, with talks continuing over governance and profit-sharing.
“The goal has always been to improve the competition and action on the track and at the same time make the sport a healthier and attractive business for all,” Formula One chairman Chase Carey told a US Grand Prix news conference.
“The unanimous approval of the rules by the World Motorsport Council is a watershed moment and will help deliver more exciting wheel-to-wheel racing for all our fans.”
Ferrari, the sport’s oldest and most successful team, said what had been voted on was a good starting point.
Renault boss Cyril Abiteboul said the rules confirmed the vision for a “more equitable, more entertaining and more sustainable sport.
“These measures represent significant opportunities for a team like ours, increasing our prospects to reduce the gap to the front and challenge for wins and titles in a reasonable time frame,” added the Frenchman.
The 2021 cars will be some 25kg heavier and are the product of a changed aerodynamic approach, with simpler front wings, no bargeboards, and bigger wheels.
The budget cap has been set at $175 million for each team, about half the amount some of the top outfits like Mercedes, Ferrari or Red Bull spend at present but still much more than some others can muster.
Driver salaries, marketing costs, non-Formula One activities and the wages of a team’s three highest-paid executives will not be included in the cap.
Formula One presents new car and rules revamp for 2021