Formula 1 CEO and chairman Chase Carey wants to press on with agreeing changes to the sport’s prize money and governance structure with the teams.

Having gained support for extensive changes to the technical regulations and the introduction of financial regulations to impose a budget cap in 2021, two stages remain in Liberty Media’s plan to overhaul the sport. This includes changing how the sport’s incomes is shared between the teams and how the rules are written.

The current arrangements are unpopular with many of the sport’s smaller teams, who are shut out of the rule-making process and do not receive the large financial bonuses award to some of the top teams. Carey is keen to keep discussions over changes to these controversial subjects private.

“It’s the governance and the prize fund that we have to finalise,” he said in response to a question from RaceFans in Abu Dhabi. “We’re not putting a deadline out there.

“As I’ve said in other cases, I think those sort of discussions we have in private and will address. Others may negotiate in public, we don’t.”

He believes they are “in the final stages” of getting agreements on the two areas. “The nature of this sport is there will always be a degree of noise around it but I feel good about where we are,” he continued. “Our goal is obviously to have every team in place and have everything in place as soon as possible.”

Carey said some of the latest agreement documents are still being received by teams this week.

“They will have [them] shortly and our goal will be to get things finalised as soon as we can. But again we’ll have those discussions in private and we’re not putting deadlines out there.”

For the latest on Formula 1’s plan to change the sport’s prize money structure in 2021, read the new edition of @DieterRencken’s RacingLines column later today on RaceFans

Advert | Become a RaceFans supporter and go ad-free

2021 F1 season