F1 teams to get big 2021 update on Friday!

Liberty Media will be presenting a lot more details on their plans on the 2021 rule changes on Friday in Monaco to the teams.

Up until now, Liberty had presented a five-point outline of what their intentions were for 2021 in the build-up during the Bahrain Grand Prix earlier this year, which was met by a lot of criticism. The lack of detail and the general direction the media bureau want the sport to be headed is something a lot of people disagree with.

The manifesto that they presented included the current engines to be simpler and therefore cheaper, as they want to encourage new engine suppliers to come to the sport. The engines also have to be louder.

The other big point is to put a cap on the team budgets, as well as a more equitable division of all the prize money, which currently heavily favours the top teams.

Basically, Liberty Media want to make the sport more equal and give the 'worse' teams a chance to really compete as well.

"It's a highly complex matter because it's about a cost cap - a potential cost cap - it's about technical regulations, revenue distribution, so there are multiple balls in the air which we need to catch," Mercedes team principal Toto Wolff said.

"I also hope that the meeting is productive so we understand more and can act upon it."

"Hopefully a lot of detail will be put on the table as to what Liberty's next steps are," Christian Horner added, Red Bull Racing's team principal.

"They need to be responsible steps because some things, such as budget caps, involve literally thousands of jobs through teams, suppliers and sub-contractors, certainly in the UK.

"We're waiting with interest to see what the next stage of that rollout is."