Liberty Media's proposal for Formula One from 2021 revealed

Liberty Media - the owner of Formula One, has revealed its proposed plans for the future of the sport. At a meeting conducted at the Bahrain International Circuit, Chase Carey - Chairman and CEO of Formula 1, spoke about the future with teams and the FIA.

Liberty Media has proposed changes pertaining to the engines, overall costs, revenues, rules as well as governance. As per the new proposal, the power unit should be cheaper to make, sound louder and be powerful enough, while also being less complicated in order to reduce the chances of grid penalties. It should also borrow technology from road going cars like hybrid systems and allow manufacturers to design and build unique power units. Additionally, these rules must also consider new teams as well as customer teams who buy the engines from a manufacturer.

In the future, some amount of standardisation of the car will be inevitable due to the proposed cap on the team expenditure. Even so, the teams must have a unique car with different engine, aerodynamic and suspension characteristics. On the technical regulation front, the new rules would increase overtaking opportunities. While technological advances in the car will happen, driver skill should be the main factor in the overall car performance.

The biggest change would be to the revenue model. Currently, the prize money is distributed on the basis of overall manufacturer standings. Ferrari is paid an additional amount every season, not tied to their performance, due to the fact that it is one of the oldest teams that has participated in all the Formula One seasons. The new rules would consider revenue only based on performance to reward the teams based on their success only. It will also offer revenue to the engine suppliers as well.

Apart from all these, there would be a streamlining of the governing structure between the owners, teams and the FIA.