Formula 1 CEO Chase Carey believes the championship will finalise its 2021 regulations and commercial package “in the coming months” once the “right compromises” are found.
The 2021 engine regulations, which have already been delayed after the four manufacturers rejected what was originally proposed by the FIA and F1, remain the priority.
After pushing through the front wing changes to improve overtaking in 2019, Carey remains confident that he can make further progress on longer term plans but he acknowledges that it will require compromises to be made.
“We’ve introduced some recent regulation changes for next season,” said Carey.
“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, agree 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. 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 the overall points of what we’re trying to achieve, and the vision for the sport.
“Nobody is going to get everything they want, but I think everybody recognises that.”
He underlined that the rules package was likely to evolve.
“There will always be components that are moving, it’s not like you are done, particularly with issues like regulations,” Carey said.
“They are a living, breathing process, and will continue to evolve.
“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.”
Carey would not be drawn on the new commercial arrangements, which will have a huge impact on the future profitability of the F1 business.
“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,” he said.
He admitted that one of the biggest problems is that there is no pressing deadline, with 2021 still feeling some way down the road to the participants in the discussions.
“One of the challenges of bringing it to a completion is that the effect of many of these things is 2021, so there isn’t a natural deadline – usually it’s made easier by having a deadline that you have to get it done by,” said Carey.
“There’s a shared objective to get it done, but there isn’t an external forcing mechanism, but our goal is to move this forward and try and get it done in the coming months.”