Wolff upbeat on 2021 regs ahead of crucial London F1 meeting

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Mercedes boss Toto Wolff has cast a positive outlook on Formula 1's ability to move its 2021 regulation plans forward next week when the sport's representatives meet in London.

Formula 1's Commission and its Strategy Group will gather on Tuesday, with F1 CEO Chase Carey expected to table the comprehensive package that should serve as the technical and commercial foundation for Grand Prix racing's future.

The meeting comes at a time when teams are seeking clarity on the direction of the sport from 2021 just a few months ahead of a June deadline by which F1's 2021 regulation platform - including all financial provisions - must be set in stone.

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"I feel that there's some momentum in the process, and we are all keen on understanding how 2021 looks," said Wolff.

Mercedes was seen as initially reticent to the introduction of a budget cap in F1, but Wolff insists that cost cutting measures are welcomed by the German manufacturer if they are in everyone's interest.

"Mercedes certainly is interested in having a cost cap implemented, at the right levels, so it makes sense for everybody," added the Austrian.

"Get the big teams on board in a way that is implementable. And the small teams to kind of at least cap us, and make sure that we're not running away with even higher costs every year.

"And regulations are obviously another big building block, this is important to get over the line until June.

"So let's see how next week goes, but what I hear is making me optimistic."

With time pressing, Racing Point team boss Otmar Szafnauer believes F1's managers have spared no effort in the past few months to settle the 2021 framework, including its all-important budget cap component.

"Time is marching, so it will be really good to start figuring out what's going to happen," he told Motorsport.com. "We're happy with the cost cap that was proposed before.

"I think in the background, there are things happening, there's a framework of how to police a cost cap. That's all happening. So people are working on it."

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Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.