Formula 1 has made progress towards its 2021 regulations following a series of meetings in London on Tuesday labeled as "constructive" by insiders.
Liberty Media, the sport's commercial right holder, and the FIA unveiled at meetings of the Strategy Group and the F1 Commission a comprehensive package covering a proposed regulatory framework destined to propel Formula 1 into a new era.
From sporting, technical and engine rules to cost cutting measures, from a new revenue distribution scheme to a revamped governance, all bases were covered by the sport's bosses during the lengthy sessions.
Formula is aiming for its 2021 regulations and commercials agreements to be set in stone by the end of June to remain within the FIA's covenants that require significant changes to the sport to be approved by the FIA World Motor Sport Council at least 18 months before their introduction.
No information has filtered on the specifics linked to the comprehensive package that was presented, with teams bound by secrecy, but the proposals were apparently well-received by the teams according to reports.
Formula 1's official website offered a positive outlook on the ongoing progress of the new regs which aim to improve the show and offer teams a financially sustainable platform, stating that "the championship took a step closer to making that happen from 2021 onwards" at Tuesday's meetings.