This is the moment F1 fans have been waiting for: a first proper look at both the cars that will do battle in 2021, and at the regulations that will reshape Grand Prix racing as we know it. After more than two years of work involving the most detailed analysis of the sport’s on- and off-track operations, the FIA and Formula 1 have confirmed the future direction of the sport with the publication of a comprehensive set of new regulations that will define the series from 2021 onwards.

GALLERY: Every angle of the 2021 F1 car Presented at the Circuit of The Americas in Austin by Formula 1 Chairman and CEO Chase Carey and FIA President Jean Todt, following ratification by the World Motor Sport Council, the regulations are targeted at promoting closer racing and more balanced competition, as well as bringing economic and sporting sustainability to Formula 1. READ MORE: 2021 F1 RULES - The Key Changes Explained From 2021 onwards Formula 1 will have: Cars that are better able to battle on the track

A more balanced competition on the track

A sport where success is determined more by how well a team spends its money not how much it spends – including, for the first time, a fully enforceable cost cap ($175M per season) in the FIA rules

A sport that is a better business for those participating and more attractive to potential new entrants

A sport that continues to be the world’s premier motor racing competition and the perfect showcase of cutting-edge technology

The regulations, which were unanimously approved, will be married to a new governance and prize fund structure that will enable the sport to grow and improve while further strengthening the business model. These agreements are in an advanced stage with the teams. READ MORE: What is the 2021 F1 cost cap and how will it be enforced? “Formula 1 is an incredible sport with a great history, heroes and fans all over the world,” said Chase Carey, Chairman and CEO, Formula 1. “We deeply respect the DNA of Formula 1, which is a combination of great sporting competition, uniquely talented and courageous drivers, dedicated teams and cutting-edge technology. The goal has always been to improve the competition and action on the track and at the same time make the sport a healthier and attractive business for all. “The approval of the rules by the World Motor Sport Council is a watershed moment and will help deliver more exciting wheel-to-wheel racing for all our fans. The new rules have emerged from a detailed two-year process of examining technical, sporting, and financial issues in order to develop a package of regulations.

WATCH: How the 2021 F1 car was developed

“We made many changes during the process as we received input by the teams and other stakeholders and we firmly believe we achieved the goals we had set out to deliver. These regulations are an important and major step, however, this is an ongoing process and we will continue to improve these regulations and take further steps to enable our sport to grow and achieve its full potential. READ MORE: 10 ways the 2021 rules will improve F1 “One of the most important initiatives we will be addressing as we go forward is the environmental impact of our sport. We already have the most efficient engine in the world and in the next few weeks we will be launching plans to reduce and ultimately eliminate environmental impact of our sport and business. We have always been at the leading edge of the automobile industry and we believe we can play a leadership role on this critical issue, as well.” Carey’s words were echoed by FIA President Jean Todt: “After more than two years of intense research and development, of close collaboration with our partners at Formula 1, and with the support of the teams and drivers, circuit designers, the single tyre supplier, Pirelli and all F1 stakeholders, the FIA is proud to publish today the set of regulations that will define the future of Formula 1 from 2021 onwards. “It is a major change in how the pinnacle of motor sports will be run, and for the first time, we have addressed the technical, sporting and financial aspects all at once. The 2021 regulations have been a truly collaborative effort, and I believe this to be a great achievement.” READ MORE: F1’s revolutionary 2021 rulebook – The thinking behind the changes