Formula 1’s leadership outlined their plans for the sport prior to practice in Bahrain, generating mixed early reviews from teams.
Before the start of Free Practice 1 for the Bahrain Grand Prix, Formula 1‘s new ownership outlined their plans for F1 in 2021, when new sporting regulations are set to go into effect and a new Concorde Agreement among teams is scheduled to be signed.
Liberty Media met with team officials and outlined their vision for the future of F1 in an hour and 15-minute presentation. Chase Carey, the CEO of the Formula One Group, said in the official F1 press release the proposal’s goal is to “preserve, protect and enhance that history by unleashing F1’s potential”.
The proposal had five key points regarding the power units, cost, revenue streams, new regulations, and governance. The main points of the proposal include cheaper, louder hybrid power units, more incentive to attract new teams and/or suppliers, a more balanced revenue stream, a standardization of some parts to cut costs, and a drive to increase overtaking.
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The most interesting point of the proposal, however, is regarding governance. Liberty stated that they want a “streamline structure between the teams, the FIA and Formula 1”. Whether this means the dissolution of the F1 Strategy Group or some consolidation of power by the FIA is unknown.
Despite Mercedes and Ferrari’s early objections, smaller teams such as Williams welcomed the proposal. Williams deputy team principal Claire Williams even stated that the without Liberty’s proposal, Williams would have faced a “bleak” future, according to Motorsport Week magazine.
German automotive magazine Auto motor und sport noted that Ferrari and Mercedes were not too pleased, with Mercedes team principal Toto Wolff saying that it was “a good starting point for further negotiations”. McLaren boss Zak Brown praised F1’s proposal for thinking of the fans.
While the proposal’s press release doesn’t detail much, Haas team principal Guenther Steiner said that more information was presented to the teams than was shown to the public and that teams had agreed to handle discussions “behind closed doors”. Hopefully more details will be released in due time. As it stands, Liberty’s proposal is more of a set of broad strokes goals it hopes to achieve.
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What do you think of the new vision for F1? Is it doable? Will all current teams sign onto Liberty’s proposal, and most importantly, will it help F1?