Plans to reduce the overall cost of Formula 1 and create better racing have been laid out by the sport’s chief executive officer and chairman Chase Carey.
Carey and the sport’s motorsport chief Ross Brawn held a meeting with the current crop of F1 team principals before last weekend’s Bahrain Grand Prix and explained how they wanted the sport to be at the start of 2021.
The main subjects of discussion were the power units, costs, revenues, sporting & technical regulations and governance – with the main focus on the first three.
Although a figure wasn’t officially confirmed, F1’s governing group has reportedly outlined a cost cap of $150million per each team to develop the car – with driver salaries and marketing uncapped.
Carey and Brawn also said that standardised parts could be brought in to reduce costs even further.
In terms of the power units, the plans say that “The PU must be cheaper, simpler, louder, have more power and reduce the necessity of grid penalties,” as well as remaining “road relevant” with the current hybrid setup – which is currently an electrified 1.6-litre V6 petrol engine producing close to 1,000bhp.
The proposals also displayed the likelihood of simplifying the cars on track in terms of aerodynamic grip, and rather than having the cars being the main influence of the end result of a race, a driver’s skill will be the predominant factor.
In the official statement, 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.”
Although many of the teams are keen for the cost caps to be implemented, Carey and the rest of the F1 board will need to convince the likes of Mercedes-AMG and Ferrari to come around to the idea – as they currently hold the best position in the sport in terms of revenue and car performance, and will look to keep it that way and maintain the current order of power in the sport.
These guidelines are to be discussed further throughout the 2018 season before being finalised at a later date.
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.