It seems like the racing world was shaken to its very foundations when the F1 presented its new changes that are likely to take effect by 2021. But what does this actually mean for Formula 1 in the long run?
F1 – What’s The Goal?
The five key topics that F1 focused on are more set of goals rather than a definitive idea of what will actually happen in the next few years. Cars, costs, revenues, engines, and governance are the five keywords that are on the lips of F1’s key players as this proposal continues to take shape. In the most basic terms possible, the ultimate endgame for F1 is to have new cars with new engines that take part in competitions with fairer revenue distributions and better-controlled costs.
Chase Carey Speaks Out
It was F1 chairman/CEO Chase Carey and Ross Brawn who presented their vision. Firstly, they want engines to be more simple and cheaper to make. “We have recognized we have to stay road relevant,” Brawn said. “That’s an interesting debate. But I think we’re too far into it to reset. They need to be cheaper, simpler, more readily available.”
Secondly, a cost cap is being proposed. “I’m not going to comment on the number as that is something we still want to discuss with the teams but there are certain things to remember,” Brawn said. “We think there is a need to readdress our references as to what is correct to spend in F1. Out of that, we’ll have closer competition, teams with better business models and we’ll have a better sport.” Probably the topic that F1 fans have debated about the most is the revenue structure in the sport. Believed by many to be unfair, it’s bigger teams such as Ferrari and Mercedes who benefit the most, while others fall by the wayside. F1 ultimately wants its teams to receive performance-based payments.
Aston Martin president Andy Palmer is excited about the potential changes. “These prospective changes support many of the requirements needed for Aston Martin to enter the sport as an engine supplier,” Palmer said. “This is a very positive step in the right direction.”