F1 unveils radical cut-price future in 'watershed moment'

Formula One launched a radical, cut-price, slower vision of the sport when a package of new financial, sporting and technical regulations to be introduced from 2021 were unveiled.

In a dramatic overhaul revealed in Austin on Thursday, the American owners of the commercial rights, Liberty Media, introduced budget caps, a new car and rules designed to develop closer and more environmentally-friendly racing.

It was the first time all of the main parts of the sport and its business had been reviewed and reformed in a single three-part package that was approved by the World Motor Sport Council of the governing body, the International Motoring Federation (FIA) earlier Thursday.

Ahead of this weekend's United States Grand Prix Formula One's chief executive Chase Carey hailed the successful passage and publication of the package as "a watershed moment".

And FIA president Jean Todt said it would signal a "major change in how the pinnacle of motorsports would be run".

The teams are to be limited to a budget of 175 million dollars per season for their on-track performance - about half of estimated current budgets for the top outfits -- with new heavier and slower cars, which will continue to be powered by the current hybrid turbo-charged engines.

The season will also expand to a maximum of 25 races, a figure that is sure to alarm many in the sport. The current season has 21 races.

Carey said he believed the new rules showed respect for the DNA of F1, which had been a key point of argument during the last two years of talks between the stake-holders with the richest teams preventing a more extreme set of changes.

"For the first time, we have addressed the technical, sporting and financial aspects all at once," said Todt, speaking via video link.

"The 2021 regulations have been a truly collaborative effort and I believe this to be a great achievement."
- 'Push the boundaries' -
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