Formula 1 could face vital restructure in the coming weeks as bosses meet to discuss some of the biggest problems the sport faces over the coming years.

According to the BBC, governing body FIA and owners Liberty Media are set to introduce a limit to the teams’ budget, as well as a revamp to the way revenue is distributed, with the goal being to make F1 more competitive starting in the 2021 season.

The meeting is said to examine a cap on teams’ annual budgets from 2020 or 2021 with a gradual decrease year per year amongst other highlights. A revision of the distribution of revenue is another of the proposals, in an attempt to narrow the gap between the top teams and the rest as well as a change in the rules of how many parts teams can buy from their rivals while still being known as a ‘constructor’.

The owners’ objective is seemingly to make the sport more competitive overall, and remove the idea where Mercedes, Ferrari, and Red Bull are the frequent only winners, and the others lost the hope to compete for a top spot. There has been recent criticism of the sport that the best car inevitably wins the race – and that the best car is the most expensive car.

So the thought of making the budgets fairer across F1 is certainly one of the most important points of Tuesday’s meeting, as noted by F1 Managing Director Ross Brawn.

“The ones that have got it all want to keep it and the ones that haven’t got it want more, and it’s finding the fair balance in how we can distribute the revenue,” he said. “Because we know if we have a more equitable distribution of revenue we will have a better F1, and that’s a fact.”

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