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Formula 1 teams are set to meet with sport’s bosses on Tuesday to discuss planned 2021 rules and revenue overhaul in a key meeting to shape the sport’s future.

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FIA president Jean Todt has confirmed that the “global plans” for the sport’s next era – expected to include technical and sporting rules, cost controls and prize money structure – will be revealed to both the F1 Strategy Group and wider F1 Commission in London ahead of the Bahrain GP.

The Concorde Agreement, which governs the sport and sets out the commercial terms on which teams compete, expires at the end of 2020.
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“We’re excited and we think we can do a lot and make the sport a much more exciting sport for fans, and a much better sport for everyone who’s in it and that’s really what we’re looking to achieve,” F1 chairman Chase Carey said.

What’s on F1’s agenda for 2021?

2021 is being viewed as the first big chance for Liberty Media to significantly implement their vision for the sport’s future.

The American-owned company, who bought F1’s commercial rights in 2017, want to make the sport more competitive and introduce a more even-handed revenue structure.

“I think we have a lot of support from the teams,” added Carey. “Obviously when you get into the details, you’ve got 10 teams so you’ve got 10 different views on the details.

“But I think there’s great support for the direction and the vision that we have for the sport.”

F1, led by managing director Ross Brawn, also want to introduce much-changed new regulations that promote closer and more exciting racing.

Last October, Brawn revealed concepts for what cars could look like in two years’ time, with aesthetics and overtaking-friendly aerodynamics a key part of the plans.

On the financial side, long-mooted plans to introduce a budget cap are also set to be discussed on Tuesday.

Mercedes boss Toto Wolff is looking forward to seeing the plans placed on the table.

“I feel there is some momentum in the process and we are all keen on understanding how 2021 looks,” he said at the Australian GP. “Mercedes certainly is interested in having a cost cap implemented at the right levels so it makes sense for everybody.

Read also: Formula 1 Launches Women Motorsport

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