Formula 1 will delay the introduction of the sport's planned 2021 regulation platform until 2022 following a phone conference with the FIA and the teams.
The decision to push back the new regs is a result of the ongoing string of race cancellations and the subsequent financial downfall that will hit the teams in a year of considerable investment linked to the 2021 rules.
The idea was tabled earlier this week and then formally agreed upon by all teams on Thursday in a collective call with F1's Chase Carey and Ross Brawn, and FIA president Jean Todt.
The final plan will involve keeping the current technical regulations and this year's chassis.
"Following unanimous agreement between the FIA, Formula 1 and all teams, the implementation of the Technical Regulations due to take effect from the 2021 season will be postponed until 2022," said the FIA in its statement on Thursday.
"All parties further discussed the current situation of the 2020 championship and how the sport will react to the ongoing challenges caused by the COVID-19 pandemic.
"Due to the currently volatile financial situation this has created, it has been agreed that teams will use their 2020 chassis for 2021, with the potential freezing of further components to be discussed in due course."
However, next year's $175 million budget cap remains on course for introduction, which means that teams will be required to develop their 2022 cars under next years' financial constraints. Furthermore, the possibility of lowering the $175 million threshold for next season will soon be discussed.
"The introduction and implementation of the Financial Regulations will go ahead as planned in 2021, and discussions remain ongoing between the FIA, Formula 1 and all teams regarding further ways to make significant cost savings.
"All teams expressed their support for the FIA and Formula 1 in their ongoing efforts to restructure the 2020 calendar as the global situation regarding COVID-19 develops.
"All of these commitments will be referred to the relevant governing structures for final ratification."
Formula 1 and the FIA made no mention in today's statement of deferring the sport's plans of introducing 18-inch wheels next season in association with tyre supplier Pirelli.
The details and fine print of the regulation changes for 2021 will be written up in short order and then approved thereafter by the FIA's World Motors Sport Council.
Regarding this year's disrupted schedule and efforts to re-instate postponed races over the summer, teams have accepted the need to be flexible regarding a rebuilding of the calendar, thus F1 and the FIA will have the power to change the 2020 schedule without the teams' consent, although consultations with the latter will be encouraged.
It was also decided that race weekends this year could be reduced from three to two days, with a working group being set up to define future format changes.
Finally, for all the criticism thrown at F1 last weekend - including by us - for its handling of the Australian GP cancellation, today's actions by the commercial rights holder, the FIA and the teams were swift and determined. Well done F1!
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