Liberty Media discuss the future of F1

Liberty Media has met with team bosses in Bahrain to reveal it’s vision for the future of Formula 1 from 2021 onwards.

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The meeting, which was attended by all 10 team bosses plus Ross Brawn and Chase Carey, discussed five key talking points about F1’s future and outlined how Liberty will combat current issues within the sport.

A press release revealed what was said:

Key strategic initiatives

Power units (PU)

  • The PU must be cheaper, simpler, louder, have more power and reduce the necessity of grid penalties.
  • It must remain road relevant, hybrid and allow manufacturers to build unique and original PU.
  • New PU rules must be attractive for new entrants and Customer teams must have access to equivalent performance.

Costs

  • We believe how you spend the money must be more decisive and important than how much money you spend.
  • While there will be some standardised elements, car differentiation must remain a core value
  • Implement a cost cap that maintains Formula 1’s position as the pinnacle of motorsport with a state-of-the-art technology.

Revenues

  • The new revenue distribution criteria must be more balanced, based on meritocracy of the current performance and reward success for the teams and the Commercial Rights Holder.
  • F1s unique, historical franchise and value must and will still be recognised.
  • Revenue support to both cars and engine suppliers.

Sporting and technical rules & regulations

  • We must make cars more raceable to increase overtaking opportunities.
  • Engineering technology must remain a cornerstone but driver’s skill must be the predominant factor in the performance of the car.
  • The cars must and will remain different from each other and maintain performance differentiators like aerodynamics, suspensions and PU performance. However, we believe areas not relevant to fans need to be standardised.

Governance

  • A simple and streamline structure between the teams, the FIA and Formula 1.

“Formula 1 is a sport with a rich history,” said F1 CEO Chase Carey.

We want to preserve, protect and enhance that history by unleashing F1’s potential, by putting our fans at the heart of a more competitive and more exciting sport. We are driven by one desire: to create the world’s leading sports brand. Fan-created, commercially successful, profitable for our teams, and with technology innovation at its heart.”

While Liery will decide on the commercial and promotional side of F1, the FIA still has yet to confirm what the 2021 technical regulations with regards to engines will look like in 2021.

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