F1 bosses to discuss plans to make sport ‘more competitive’

Formula One bosses are to meet with teams to discuss the future of the sport.

Owners Liberty Media and governing body the FIA are to introduce a budget cap and restructure revenue distribution to try to make F1 more competitive.

The BBC claims the meeting will discuss:

• Cap on teams' annual budgets, starting in either 2020 or 2021 at a figure above $200m (£151m) a year and reducing to below $150m (£114m) within three or four years
• Revised revenue distribution in an attempt to narrow the gap in income between the top teams and the rest
• Revised governance to end the current system where only six of the 10 teams have a formal say on rules
• An outline of technical rules that will be aimed at making the cars able to race more closely
• Revised engine rules, keeping the current 1.6-litre V6 turbo hybrids but with changes to make them louder
• A change to the rules governing how many parts teams can buy from rivals while still meeting the requirement of being a constructor in their own right