McLaren Racing CEO Zak Brown says his Formula 1 team has been left “encouraged” by the latest update from Liberty Media which provided teams with further details about 2021 regulations.

F1’s commercial rights holders met with team representatives during last weekend’s Monaco Grand Prix to present more details on its plans for the championship’s future landscape regarding a new set of rules to be introduced following the 2020 season.

Liberty outlined a basic five-point proposal of its vision to teams at the Bahrain Grand Prix in April, which includes simpler, louder engines, a cost cap, a simplified structure of governance, a more equal distribution of prize money between teams and new regulations aimed at improving the racing spectacle.

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Brown said one of the key points to come out of the latest meeting was that new engine regulations will be confirmed by the end of June, following calls from teams to get rules set in stone as soon as possible.

“I was encouraged that Jean Todt gave us a commitment that the engine regulations will be in place by the end of June which is what we’ve been looking for in terms of definitive timelines,” Brown said.

“They demonstrated that they’ve listened to the teams between when they rolled out their plans in Bahrain to today. They went through what they rolled out, told us what they heard, and gave us some views so that was encouraging.

“Now, I think all the teams are anxious to see not only the engine regulations put in place with the balance between the governance, economics and sporting to follow quickly because we all need to adapt to what will be a new Formula 1 in 2021.”

The most confrontational issues have included the potential cost cap which has been mooted to be $150 million per yer for each team, as well as the simplification of the current hybrid power units by removing the MGU-H in a bid to lower expenditure.

While Brown believes a budget cap would have a significant impact on some teams more than others, he insisted McLaren will be a strong position to react regardless of “whatever rules will be ultimately presented.”

“I do think that the budget caps which are being suggested by Formula 1 will cause a reduction in headcount,” Brown added. “Some teams more than others. But we have the benefit of maybe looking to redeploy those people as opposed to limiting positions where some other teams may not be in that same position.

“There is always a great debate that when you make change it can be slow and painful or fast and painful and what is the right approach. They did suggest there could be a glide path but we are a nimble racing team and a large organisation so I think we will be well suited to react to whatever rules which will be ultimately presented. That’s why we want to know sooner rather than later so we can start making the right plans.”