The wait is over as Formula 1 has officially revealed what the 2021 regulations are set to look like as we prepare to start a whole new chapter of racing.
The 2020 season marks the final campaign that Formula 1 will race under the current Concorde Agreement, with owners Liberty Media tasked with creating a sport that essentially lowers costs, promotes more competition between teams and give the drivers cars that have the ability to follow each other closely together and provide more overtaking opportunities.
After much deliberation between owners and teams, Formula 1 has posted what is the final blueprint for the 2021 season and beyond.
The official Formula 1 social media channels posted a teaser of what the new cars will look like before releasing the full document.
F1 2021. Coming soon. pic.twitter.com/Bej5Xc6InP
— Formula 1 (@F1) October 31, 2019
The official Formula 1 press release read:
From 2021 onwards, Formula 1 will have:
– Cars that are better able to battle on 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 dollars per season) in the FIA rules
– A sport that is a better business for those participating and more attractive to new participants
– A sport that continues to be the world’s premier motor racing competition and the perfect showcase of cutting edge technology
Say hello to the future of F1
— Formula 1 (@F1) October 31, 2019
The regulations have been fully ratified by the World Motor Sport Council following unanimous agreement from all parties.
The official statement also revealed that ‘the regulations will be married to a new governance and profit sharing structure that will enable the sport to grow and improve while further strengthening the business model.’
These agreements are in an advanced stage with the teams.
“Formula 1 is an incredible sport with a great history, heroes and fans all over the world,” said Formula 1 chairman and CEO, Chase Carey.
“We deeply respect the DNA of Formula 1, which is a combination of great sporting competition, uniquely talented and courageous drivers, dedicated teams and cutting-edge technology.
“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.
“The approval of the rules by the World Motor Sport Council is a watershed moment and will help deliver more exciting wheel-to-wheel racing for all our fans.
“The new rules have emerged from a detailed two-year process of examining technical, sporting, and financial issues in order to develop a package of regulations.
“We made many changes during the process as we received input by the teams and other stakeholders and we firmly believe we achieved the goals we had set out to deliver.
“These regulations are an important and major step, however, this is an ongoing process and we will continue to improve these regulations and take further steps to enable our sport to grow and achieve its full potential.
“One of the most important initiatives we will be addressing as we go forward is the environmental impact of our sport.
“We already have the most efficient engine in the world and in the next few weeks we will be launching plans to reduce and ultimately eliminate environmental impact of our sport and business.
“We have always been at the leading edge of the automobile industry and we believe we can play a leadership role on this critical issue, as well.”