Formula 1 set to push back regulation overhaul to 2022

Formula 1 is set to push back its technical regulation overhaul to 2022 in an effort to help teams contend with the sport's anticipated revenue shortfall linked to cancelled races.

The global coronavirus crisis has already forced F1 to scrap the first four races of the season, with Holland, Spain and likely Monaco to follow suit.

But the uncertain evolution of the pandemic in Europe renders projecting a start to the season an almost futile exercise.

Race cancellations will equate to a massive loss of revenue for F1, a shortfall that will directly impact the teams, with the smaller outfits baring the brunt of the financial loss.

• How the revised 2020 F1 season could shape up

From the outset this year, teams have faced a double financial whammy, compounding 2020 budgets with next year's costly development programs guided by the sport's extensive rule changes.

In a bid to reduce costs in the face of this year's potentially catastrophic revenue shortfall, all teams with the exception of Ferrari are advocating for a freeze of the current rulebook for 2021 and a postponement of the new rules until 2022.

Ferrari has not expressed an outright opposition to the plan but has asked for more time to consider the proposal.

The issue is set to be debated, and eventually voted upon, during a conference call scheduled for Thursday between F1 chiefs Chase Carey and Ross Brawn, FIA president Jean Todt and the teams' bosses.

"Given the dramatic situation, there is actually no other option," said Racing Point team boss Otmar Szafnauer, quoted by AMUS.

A delay of the regulation overhaul until 2022 would help alleviate the financial concerns of the smaller teams, while it would also allow for more flexibility in rebuilding the 2020 calendar, a task that would include pulling forward F1's mandatory two-week summer break and adding back the Dutch and Spanish races into the August time-frame.

But the larger factory teams are not immune to a full-blown financial crisis as worsening global economic conditions linked to the COVID-19 pandemic are also hitting their parent companies.

Gallery: The beautiful wives and girlfriends of F1 drivers

Keep up to date with all the F1 news via Facebook and Twitter