Liberty Media looks to the future
While this isn't "new" news it is still topical and I haven't seen it mentioned here. In Bahrain Liberty Media spelled-out their vision for F1 after 2021 and the new Concorde agreement. They met with team principals and set down the 5 points they are looking at.
Power Units
The PU must be cheaper, simpler, louder, have more power and reduce the necessity of grid penalties.
It must remain road relevant, hybrid and allow manufacturers to build unique and original PU.
New PU rules must be attractive for new entrants and Customer teams must have access to equivalent performance.
Costs
Liberty believes how you spend the money must be more decisive and important than how much money you spend.
While there will be some standardised elements, car differentiation must remain a core value.
Implement a cost cap that maintains Formula 1 position as the pinnacle of motorsport with a state-of-the-art technology.
Revenues
The new revenue distribution criteria must be more balanced, based on meritocracy of the current performance and reward success for the teams and the Commercial Rights Holder.
F1s unique, historical franchise and value must and will still be recognised.
Revenue support to both cars and engine suppliers.
Sporting and technical rules and regulations
It wants to make cars more raceable to increase overtaking opportunities.
Engineering technology must remain a cornerstone but driver’s skill must be the predominant factor in the performance of the car.
The cars must and will remain different from each other and maintain performance differentiators like aerodynamics, suspensions and PU performance. However, we believe areas not relevant to fans need to be standardised.
Governance
A simple and streamlined structure between the teams, the FIA and Formula 1.
In my view the function of the FIA is to license F1 (which it did in 2000, it leased them to FOM for 110 years, via the company Delta Topco), set the rules and deal with arbitration, they also along with the rights holder set out the Concorde agreement.
Liberty Media Function is managing the sport day to day, securing lucrative television contracts and hosting fees, promoting the sport, finding new venues and teams and of course making a profit for its share holders. Along with the teams ensuring a great show and with the FIA set out the Concorde agreement.
The teams should not have any say in the Concorde agreement, they are participants in the sport only. The rules and regulations around the Concorde agreement should be set by the FIA and Liberty Media and the teams should sign-up to them if they want. The teams have a very different agenda to the FIA and the rights holder and can't in most cases even agree on what day it is. How would a football league function if all the teams had a say in the rules of the game, how would the World Cup or the Olympic Games manage if all the competing countries set the rules for each competition?
Chinese Grand Prix drivers press conference
Marcus Ericsson (Sauber), Pierre Gasly (Toro Rosso), Max Verstappen (Red Bull) speak to the media ahead of the F1 season's 3rd race,