Mercedes team principal Toto Wolff says he cannot estimate a timeframe over when the 2021 Formula 1 contracts will be signed due to a series of points yet to be agreed on between the key parties involved.

While F1 bosses have presented its vision for the sport heading into 2021, covering sporting, technical and financial regulations, the official contracts between Formula 1 management Liberty Media, the FIA and the teams remain uncompleted.

When quizzed about the progress on F1’s future over the winter, Mercedes chief Wolff refused to name a timeline on when he expects the deals to be finalised due to outstanding parts which haven’t been agreed on.

“It's an ongoing process and it’s a complicated set of contracts, trilateral contracts between the FIA, the commercial rights holder and all the teams,” Wolff explained during the Mercedes livery launch.

“That needs time and the devil is in the detail. So I wouldn’t want to commit here to give you a specific date because there are quite some topics that remain to be agreed on.

“It’s work in process. Clearly there is the will and the wish for all of the stakeholders to come to a close before we embark on the 2021 season, because [otherwise] that would be an uncomfortable situation.”

A recent sticking point which has been brought to attention by F1 managing director Ross Brawn is the sport’s ability to close loopholes in the rules mid-season which teams could exploit.

Previously, if an F1 team has found a performance advantage and is able to demonstrate it hasn’t broken the rules within the existing regulations the sport’s governing body has been powerless to take action until the end of the season when new rules or tweaks could be enforced.

Brawn’s plan within the new F1 rules set to be introduced in 2021 is to implement faster regulation changes to stop teams exploiting loopholes.

Mercedes boss Wolff has spoken out against Brawn’s idea as he fears it will neutralise innovation from F1 teams when looking for a performance edge.

“Innovation will always be at the core of Formula 1. It is what we do and it is part of the DNA,” he said. “I don’t think we should be limiting the potential for any innovation. If somebody comes up with a clever idea, you should be allowed to race it, if it’s within the regulations.”