MELBOURNE (REUTERS) - Formula One and the governing International Automobile Federation (FIA) will present teams with a 'global package' of proposed rules for the 2021 season at a meeting in London on March 26, FIA president Jean Todt said on Friday (March 15).
The sport is set for major change when the current commercial agreements expire at the end of 2020 as rights holder Liberty Media seeks to create a more level playing field and more competitive racing.
Todt told reporters ahead of Sunday's season-opening Australian Grand Prix that the various proposals would be presented at a meeting of the F1 Strategy Group before the Bahrain Grand Prix.
The Group includes six teams as voting members - Mercedes, Ferrari, Red Bull, McLaren, Williams and Renault - with the remaining four able to attend as observers.
The package will include the commercial side relating to distribution of revenues and a planned cost cap, along with proposed regulations on engines and chassis and on future governance.
Todt said the engine regulations had already been sent to teams while the cost control initiative was "quite well advanced".
"These are all the different chapters that we are working on and we should be in a position to have a finalised package to discuss with the teams on March 26," he said.
If approved by the Strategy Group, the rules will be voted on by the FIA's Formula One commission, which includes all the teams.
Formula One chairman Chase Carey, appearing with Todt at a joint news conference, said "good headway" had been made but expected plenty of debate.
The top three teams, who have the biggest budgets, have expressed concerns about the cost cap while Ferrari, who have special historical privileges, are reluctant to see their share of the revenue pot reduced.
"There is a general direction we are going with everything, and then there are the details. And there are 10 different views on the details. It is not unique in the world to try to find compromises," Carey said.