Formula for Future

Manama : Bahrain hosted a key meeting yesterday on the future of Formula 1, where a five-point plan was outlined for 2020 onwards. 

The high profile meeting was held between commercial owners of F1, Liberty Media, the governing body FIA and the F1 teams currently in the grid at Bahrain International Circuit. 

The meeting aimed to relay Liberty’s vision of F1 past 2020 when the current Concode agreement is set to expire.

“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,” said Chase Carey, Chairman and CEO at Formula 1. The topics under the proposed five-point plan unveiled by Liberty Media were Power units (PU), Costs, Revenues, Sporting and technical rules & regulations, and Governance. 

Power units (PU) 

F1 wants cheaper, less sophisticated, louder, and more powerful power units. “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,” a statement released reads. 

Cost cap

Implementing a cost cap was proposed to reduce the dominance of certain teams because of having a commanding financial power. The cap, according to officials, will “maintain Formula 1’s position as the pinnacle of motorsport with a state-of-the-art technology.” 

Revenue 

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.

‘Raceable’ cars 

Making cars more “raceable” and increasing overtaking opportunity is on the agenda. “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 standardized.” F1 stated. 

Governance 

F1 wants to simplify and streamline structure between the teams, the FIA and Formula 1.