Formula 1 has announced new regulations to come into effect for the 2021 season with new technical and financial rules aiming to make the sport more dramatic on the track.
Presented by F1 CEO Chase Carey and FIA President Jean Todt ahead of the US Grand Prix, the rules - which were unanimously approved by the World Motor Sport Council - will bring a new cost-cap of $175m per season to promote fairness and economic sustainability and also change the design of the cars (pictured) to reduce aerodynamic downforce.
The plans have previously been opposed by Mercedes, Red Bull and Ferrari, who disagree with F1's argument that the new regulations will promote greater competition and ensure that “success is determined more by how well a team spends its money not how much it spends.”
F1 CEO Carey said: “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.
“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.”
FIA President Todt added: “After more than two years of intense research and development, of close collaboration with our partners at Formula 1, and with the support of the teams and drivers, circuit designers, the single tyre supplier, Pirelli and all F1 stakeholders, the FIA is proud to publish today the set of regulations that will define the future of Formula 1 from 2021 onwards.
“It is a major change in how the pinnacle of motorsport will be run, and for the first time, we have addressed the technical, sporting and financial aspects all at once. The 2021 regulations have been a truly collaborative effort, and I believe this to be a great achievement.”