The FIA set out plans for Formula 1's future

By 2021 Formula 1 is looking to have completely changed the sport. By bringing in new rules and regulations Formula 1 hope to be more competitive and exciting. Some teams have threatened to pull out of Formula 1 if the regulations are not good enough but the teams have been meeting to try and create a plan which suits everyone.

Formula 1 teams have been meeting over the past few months to try and sculpt the future of the sport. They have created a framework which includes new "technical and sporting regulations, power unit rules, costs, governance and revenue distribution," according to the F1 official website.

Yesterday meetings were held with the Strategy Group and was also followed by meeting the F1 Commission, which brought together all of the sport’s stakeholders to see the progress that has been made a year on from the presentation F1 made to the FIA and teams in Bahrain last season.

"Ultimately, F1 wants to create great action and bring the cars closer together, make the drivers the heroes and make the business more sustainable," said the website.