F1 facelift "watershed moment" says Chase Carey.
Formula One presented a dramatic overhaul of the sport on Thursday with a new auto and regulations aimed at producing closer and cheaper competition from 2021 as well as more exciting and environmentally-friendly racing.
The regulations have been unanimously approved and will be married to a new governance and profit sharing structure that will enable the sport to grow and improve while further strengthening the business model.
He added that environmental considerations were a crucial element for the governing body.
Also introduced to F1 is a budget cap system where teams can only spend $175 million a year on everything that is on track related, however, teams can still spend unlimited amounts of money on marketing, drivers salaries and the top three of any team.
Race weekends will be condensed from four days to three to cope with the expanding calendar, moving media activities and scrutineering to a Friday morning before the opening two practice sessions.
As part of the deal, which comes on the heels of a double-digit increase in viewership since ESPN acquired the USA broadcast rights for F1 two seasons ago, ESPN Deportes will become the exclusive Spanish-language home for all F1 races in the US from 2020.
"What the FIA publishes today is the best framework we could possibly have to benefit competitors and stakeholders, while ensuring an exciting future for our sport". The 2021 regulations have been a truly collaborative effort, and I believe this to be a great achievement.
A sport that remains the world's leading motor racing competition and the ideal showcase for the most advanced technology.
Announcing the changes, which were revealed ahead of this weekend's US Grand Prix in Austin, Formula One said the new regulations represent the "most wide-reaching evolution of Formula One's regulations ever witnessed in the sport's history", and are the result of "more than two years of work involving the most detailed analysis of the sport's on- and off-track operations".
The cost of purchasing a customer engine supply deal, which has been capped at €15 million per season, is also excluded from the cap, which will be regulated by a newly created Cost Cap Administration and auditors at Deloitte.
Team boss Mattia Binotto said the Italian team, the biggest and most important brand involved, would review their position.
The gearbox rules have been changed to restrict how much teams can develop their transmissions, with only one full redesign allowed over a five-year period.
"We'll add races only if we think it really adds to the sport", Carey said. "You want to take the fight to them, because that's what we are here for, we are racers, we are Formula 1, I think we are the best out there, and we do fight for victories because that's what I live for".
The spending limitations will be overseen by a independent regulator, with both financial and sporting penalties to be applied in the case of a team failing to comply.
"Whereas before we had the resource restriction, which was a gentlemen's agreement between teams - well there's not many gentlemen in the paddock I'm afraid, and that was a failure".
"But, well, there's not many gentlemen in the paddock I'm afraid and so that was a failure".