AUSTIN, Texas – After more than two years of work, officials from the FIA and Formula One have revealed the new regulations for the 2021 Formula One World Championship.

The details of the new regulations were revealed to members of the media on Thursday in advance of the United States Grand Prix at Circuit of the Americas.

The regulations are designed to promote closer racing and more balanced competition, as well as bringing economic and sporting sustainability to Formula One.

Some of the goals of the new regulations are as follows:

– Cars that are better able to battle on the track

– A more balanced competition on the track

– A sport where success is determined more by how well a team spends its money not how much it spends – including, for the first time, a fully enforceable cost cap ($175 million per season) in the FIA rules

– A sport that is a better business for those participating and more attractive to potential new entrants

– A sport that continues to be the world’s premier motor racing competition and the perfect showcase of cutting-edge technology

The regulations have been unanimously approved and will be married to a new governance and profit sharing structure that will enable the sport to grow and improve while further strengthening the business model.

These agreements are in an advanced stage with the teams.

“Formula One is an incredible sport with a great history, heroes and fans all over the world,” said Chase Carey, Chairman and CEO of Formula One. “We deeply respect the DNA of Formula One, which is a combination of great sporting competition, uniquely talented and courageous drivers, dedicated teams and cutting-edge technology. The goal has always been to improve the competition and action on the track and at the same time make the sport a healthier and attractive business for all.

“The approval of the rules by the World Motor Sport Council is a watershed moment and will help deliver more exciting wheel-to-wheel racing for all our fans. The new rules have emerged from a detailed two-year process of examining technical, sporting, and financial issues in order to develop a package of regulations.

“We made many changes during the process as we received input by the teams and other stakeholders and we firmly believe we achieved the goals we had set out to deliver. These regulations are an important and major step, however, this is an ongoing process and we will continue to improve these regulations and take further steps to enable our sport to grow and achieve its full potential.

“One of the most important initiatives we will be addressing as we go forward is the environmental impact of our sport. We already have the most efficient engine in the world and in the next few weeks we will be launching plans to reduce and ultimately eliminate environmental impact of our sport and business. We have always been at the leading edge of the automobile industry and we believe we can play a leadership role on this critical issue, as well.”