Formula 1’s future regulations are still a work in progress, but CEO Chase Carey is confident the 2021 rule-book will be finalized in the coming months.
Defining the sporting and commercial rules that will govern the future of Grand Prix racing has been a long drawn out process between Liberty Media, the FIA and the teams, and one that has not yet reached its end.
F1 will introduce several changes to its technical regulations next season, mainly centered around a tweak of the aero rules destined to facilitate overtaking.
Longer term however, the changes put on the table by Liberty Media have fueled lengthy debates between the commercial right holder and the teams and F1’s manufacturers.
Consensus has yet to be reached in a number of areas, but it should all soon come to a head says Carey.
“We’ve introduced some recent regulation changes for next season,” said Carey speaking to investors after F1’s quarterly results published earlier this week.
“And we’ll introduce a larger list of sporting regulation changes in the coming weeks to further improve the sport.
“Most importantly we continue to move forward with a broader set of changes to cost structures, revenue distribution, regulations and governance – the so-called Concorde Agreement.
“We’ve made good progress with the teams, agreed on the goals and objectives, and now need to work through the details to find the right compromises as we finalise these agreements in the coming months for the 2021 season.
“I feel good about the discussions,” insisted Carey.
“The devil is always in the details, and we have details to work through. But I think people agree with the goals, people agree with the direction, and I think the overall points of what we’re trying to achieve, and the vision for the sport.
“We need to find the right compromises as we get into the details. Nobody is going to get everything they want, but I think everybody recognises that. You’re not done until you’re done, but I feel good about the discussions, good about where we’re going, and good about the engagement with the teams.”
Carey also underlined the fact that while major parts of the future regulation platform shall be set in stone, others, mainly on the sporting front, shall be subject to change when change shall be warranted by circumstances.
“In terms of what we’re finalising, certainly we are looking to finalise the major components,” explained the American executive.
“There will always be components that are moving, it’s not like you are done, particular with issues like regulations. They are a living, breathing process, and will continue to evolve.
“So you’ll have a set of regulations in place, and whenever you put sporting regulations or others, some change less frequently – obviously an engine doesn’t change that often – but other regulations will clearly change. And I think with the things we’ll put in place we’ll probably continue to find ways hopefully to make whatever we put in place better.
“What I’m talking about is more than just the engine regulations, I’m talking more holistically, probably not completely, but getting the major components in place.”
A thorny but crucial issue between the commercial rights holders and the teams, F1’s future commercial arrangements and revenue distribution model are still under review. And Carey was unwilling to provide any insight about their progress.
“What the revenue distribution is, both amongst the teams and between us and the teams, is part of those longer term discussions for 2021,” he said.
“I think those are discussions at this point we’re best having with the teams in private, and when we get to the place and we finalise that we’ll be happy to discuss where we’re at and what we think the opportunity is under that revised structure.
“But since those are live discussions with the teams I’m not going to comment on that. Those are still best had in a private room between us and the teams.”