Chairman and CEO Chase Carey presents initiatives for future of Formula 1 from 2021

INDIAinF1 Desk April 6, 2018

861 2 minutes read

Bahrain, April 6: Simpler, louder and road-relevant power units besides revenue distributed according to meritocracy were some of the key initiatives in a set of proposals for the future of the sport from 2021 that Chase Carey, Chairman and CEO of Formula 1 presented to the teams and the FIA in a meeting held at the Bahrain International Circuit, here today, according to a Formula 1 Press Release.

Chase Carey said: “Formula 1 is a sport with a rich history. We want to preserve, protect and enhance that history by unleashing F1s 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 sporting brand; fan-centred, commercially successful, profitable for our teams, and with technological innovation at its heart.”

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 muchmoney you spend.
While there will be some standardised elements, car differentiation must remain a core value • Implement a cost cap that maintains Formula 1 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.

About Formula 1®

Formula 1® racing began in 1950 and is the world’s most prestigious motor racing competition, as well as the world’s most popular annual sporting series. The 2018 FIA Formula One World Championship™ runs from March to November and spans 21 races in 21 countries across four continents.

Formula One World Championship Limited is part of Formula 1 and holds the exclusive commercial rights to the FIA Formula One World Championship™. Formula1 is a subsidiary of Liberty Media Corporation (NASDAQ: LSXMA, LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) attributed to the Formula One Group tracking stock.

Formula 1 Press Release