Mercedes boss Toto Wolff insists all teams are determined to remain united in their bid to define the 2021 Formula 1 regulations as soon as possible.

Following initial discussions during the Canadian Grand Prix weekend in Montreal, all 10 teams, the FIA, and F1 officials met in Paris last week and unanimously agreed to postpone the final regulations for 2021 until October.

Wolff said that while negotiations over a new set of sporting and technical regulations do not come without difficulty, he is confident all 10 teams will reach a compromise.

“Last week, the ten F1 teams met with the FIA and Formula 1,” Wolff said.

“We agreed to postpone the presentation of the 2021 regulations until October, giving us all more time to work on them to achieve our shared goals.

“Formula 1 is the undisputed pinnacle of motorsports; every weekend, millions of fans around the globe share our excitement about racing.

“We want to use the unique opportunity of the 2021 regulations to make the series even more exciting for the fans, to make the racing more competitive and to grow the sport globally.

“Finding the right compromise between the various stakeholders is not easy, but we're united in our passion for racing and our will to define a set of rules that will see Formula 1 thrive in the next decade.”

The decision to delay finalising the 2021 regulations has provided all teams and various F1 stakeholders with an extra four months to find more common ground on a number of topics - including a proposed budget cap - and conclude the final presentation.

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