Formula 1 will present its 2021 plans to all teams on March 26 in London, to trigger the next stage of developments to shape the sport’s future.

FIA President Jean Todt and Formula 1 chief executive officer Chase Carey confirmed in a joint press conference at the Australian Grand Prix the 2021 plans have reached a stage where it can present to all F1 teams and plot out its ideas on the future direction of the sport.

F1 hosts a Strategy Group and Commission meeting in London on March 26, five days before the Bahrain Grand Prix, where the 2021 plans will be presented to all teams.

Todt says a full “global package” will be revealed including the new commercial, financial and sporting plans featuring a team cost cap which has already received a mixed reception acorss the paddock.

“We will have a Strategy Group meeting on March 26 in London, and we will have also the F1 Commission on the same day,” Todt said. “We should be ready with the global package and the commercial side, financial side, which is the responsibility of Formula 1.

“We have the cost control, which is a new initiative which is quite well advanced. We have engine regulations which have been sent to the teams a few days ago, and we have chassis regulations, and we have the governance.

“Those are all the different chapters on which we are working, and we should be in a position to have a finalised package to discuss with the teams on March 26.”

Carey warned the team meetings will remain private in order to provide clarity but already accepts compromises will be needed on both sides to reach an agreement with all parties.

Mercedes, Ferrari and Red Bull have already voiced concerns over the cost cap, which would potentially see the top three teams need to cut down its F1 operations, while overhauls to technical and engine regulations have also endured a mixed reception.

“I think those discussions are probably best not to have them on a stage with an audience,” Carey said. “I think they’re best had privately between us and the teams.

“I think we’ve made good headway. I think there is a general agreement and direction that we’re heading with everything.

“You get into the details, and if you’ve got 10 teams, you’ve got 10 different views of the details, so that’s part of what thrashing this out is. But it’s not unique in the world to try and find the right compromises.”

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