LONDON • Formula One and motorsport's governing body FIA presented teams with a detailed post-2021 vision for the sport at a meeting in London on Tuesday.
The sport's current commercial agreements expire at the end of next year and American-based commercial rights holders Liberty Media wants to create a more level playing field and more competitive racing experience.
"The day opened with a meeting of the strategy group and was followed by a meeting of the F1 commission," a statement on the Formula One website read.
The global package presented put flesh on the bones of a presentation to teams and other stakeholders in Bahrain a year ago, and provided reassurance that Liberty has not been standing still in the meantime.
It includes thorny subjects such as a cost cap and redistribution of revenues, as well as changes to the sporting and technical regulations, power-unit rules and sporting governance.
But an F1 source added that there was no vote on the 2021 regulations and none had been planned.
Teams are racing in Bahrain this weekend, the second round of the 21-race championship.
FIA president Jean Todt told reporters earlier this month that engine regulations had already been sent to the teams while the cost-control initiative was "quite well advanced".
The strategy group includes six teams as voting members - Mercedes, Ferrari, Red Bull, McLaren, Williams and Renault - but the remaining four were able to attend on Tuesday as observers, while the FIA's F1 commission includes all the teams as well as race promoter and sponsor representatives.
F1 chairman Chase Carey admitted at the season-opening race in Australia that he expected plenty of debate in the weeks and months to come as "there were 10 different views on the details" and he would "try to find compromises".
Mercedes, Ferrari and Red Bull - the three top F1 teams - have expressed concerns about the cost cap while Ferrari are also reluctant to see their special historical privileges watered down and their share of the revenues reduced.
A team budget cost cap, speculated at US$150 million (S$204 million) per year from 2021, has been strongly mooted in order to control teams spending and development to provide a more competitive grid.