Formula 1 chairman and CEO Chase Carey says the sport is “in the final stages” of finalizing its new commercial agreements.

The current agreements between F1, the teams and the FIA are due to expire at the end of 2020, with Liberty Media keen to change the revenue distribution that currently sees a number of teams rewarded for their historical performance in the sport, as well as Ferrari gaining a further bonus as the oldest team. Echoing comments made in Abu Dhabi at the end of last season, Carey believes negotiations are close to conclusion, and says they need to help bring the field closer together.

“We’re in the final stages of it,” Carey was quoted as saying by Bloomberg at the World Economic Forum in Davos, Switzerland. “We have elements of the future resolved. We’ve had the rules, regulations, the cost cap, those things have been resolved.

“The underdog has to have a chance to win. Ultimately this season (2019) you really had three teams that were competing to win.”

F1 has already announced a number of new regulations for 2021 onwards, including a budget cap at $175m per season, with certain exceptions. Carey has previously admitted there will have to be compromises made in all aspects of any changes and admits the already agreed regulations were always going to receive some opposition.

“The nature of this process is you’re not going to get a unanimous view on anything. You had divergent views and what you try to do is have an honest engagement, take all those views into a camp and then decide what’s right for the sport. And there’s going to be things people like and things people don’t.

“But you’re always going to have a divergent set of priorities. What we have took time, and why it took time to get there … it (was) an opportunity for teams to debate why we agree or disagree, for us to build — which we built — with the FIA, the expertise, to be thoughtful about what we’re doing, and I think that’s what we achieved.

“We don’t delude ourselves that we’re trying to get to a place where everyone agrees with every component of what we put out there, and that’s what compromises are.”