Formula 1 has less than four months to agree key aspects of its new regulations for 2021, the sport’s CEO Chase Carey has admitted.

F1’s commercial rights holder Liberty Media is pushing for a wide-ranging overhaul of the sport in 2021 including a cap on budgets, revised prize money structure and dramatic-looking new cars.

However as no formal agreements are in place for governing F1 beyond 2020, the sport is bound by the FIA’s International Sporting Code to agree its new regulations for 2021 by the end of June this year.

Speaking in a Liberty Media conference yesterday, Carey said: “We understand public markets would like to have all the terms as soon as possible. But we’re going to take the time necessary and make sure we get this right in alignment with our partners.”

However he later conceded that “there are structures that lead us to want to have things in place by June.”

“I’m not going to elaborate on specific deadlines for discussions with teams. They’re active, I had a number of meetings this week with teams so they are quite active

“We want to resolve these things, they are for 2021 so clearly there is still time there but I think all of us would like to have clear visibility to the future so we are looking to conclude those as quickly as we can.

“But it is true that certainly there are components of it that we would look to have in place by June. Although we certainly expect to advance things before then.”

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2021 F1 season