Formula 1 will know later today what the sport’s future could look like with Liberty Media and the FIA set to present their vision for 2021 to the teams.
Key meetings will take place in London on Tuesday, first with the Strategy Group followed by another with the F1 Commission.
During these meetings, Liberty Media will lay out their vision for 2021 when the new Concorde Agreement comes into effect.
While the sport’s owners have in the past given broad details of their vision, setting out a five-point plan, on Tuesday they are expected to go into detail.
A proposed budget cap and the restructuring of prize money are just two aspects that Liberty Media will set out along with changes to the technical and sporting rules.
“We’re excited and we think we can do a lot and make the sport a much more exciting sport for fans, and a much better sport for everyone who’s in it,” F1 boss Chase Carey told Sky Sports News.
“And that’s really what we’re looking to achieve.”
He added: “I think we have a lot of support from the teams.
“Obviously when you get into the details, you’ve got 10 teams so you’ve got 10 different views on the details.
“But I think there’s great support for the direction and the vision that we have for the sport.”
Haas team boss Guenther Steiner says it is high time the teams were given “clarity” on the sport’s future.
“We need clarity as there is a lot of talk going on,” Steiner told Motorsport.com.
“But I think Chase is ready to present something to us, so let us see what he presents and go from there.
“I don’t know what is in there – we all talk between each other, but I don’t know what FOM has come up with.
“We need to get to the point where we know what is going to happen in the future, otherwise we cannot run our business.
“You cannot start to develop if you have no technical regulations. For us everything starts at least a year or 18 months early. Now we are only 21 months away from that season.
“So you haven’t got a lot of time left. I think they realise that, and that’s why they’ve said, ‘We need to come out with something’.’
“But there are a lot of things, the governance, the budget cap, the technical regulations. If we get it all done in one meeting, good for us. Yeah, good luck.”