Formula 1 bosses to meet tomorrow to discuss the sports future

Tomorrow all of the major Formula 1 bosses will meet to discuss the future of their sport. Liberty Media is set to introduce a budget cap from 2021 in an attempt to make Formula 1 more competitive. In the meeting, they will discuss the team's annual budgets, revising the way revenue is distributed and talking about a number of rules which look to make things more exciting. 

Liberty Media aims to put an end to the two-tier system that is in place in Formula 1 and bridge the gap between Mercedes, Ferrari and Red Bull and the other teams. The main reason for this is the difference in money between the teams. 

Speaking ahead of the meeting Ross Brawn said to the BBC, "The revenue is a tough discussion, we know that." 

"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, because we know if we have a more equitable distribution of revenue we will have a better F1, and that's a fact.

"We'll never be in a situation on the cost cap, for example, where we will issue definitive regulations at a particular date and that's the end of it. The topic is too complex.

"So as it evolves and as we see new challenges and problems, we will have to evolve and refine the regulations to achieve the objectives and that is no different with the technical and sporting regulations.

"And in those two areas there are well-established routines and protocol and even then there are arguments.

"So it would be naive to think the financial regulations are just going to be put on the table and that's it, leave it.

"Each team has a different set of priorities and we are trying to find our way through it to get the best solution but I can see some genuine progress."

It will be interesting to see what the outcome of the meeting is and we will find out tomorrow.