Porsche's LMP1 team principal Andreas Seidl has called the next cycle of regulations set for 2020 as a 'collaborative effort' between all stakeholders with Peugeot also included in the talks amid its potential return to the series.

At the start of this year's Le Mans 24 Hours speculation had been rife that Porsche could be the next manufacturer to withdraw from the LMP1 class unless it suited its requirements.

On the Friday before the Le Mans race at the annual ACO press conference at the Circuit de la Sarthe, the 2020 technical regulations were confirmed with LMP1 efforts having to complete the first 1km after a pit-stop on electric power only, plus a number of cost reduction tweaks.

Porsche's LMP1 team principal Seidl has backed the plans as he prepares to put forward its future ambitions to the company's board.

"We will manage the reduction of the budget with what has been announced today in the new rules," Seidl said. "There are a lot of measures in place that will decrease costs significantly so we are not worried.

"At the same time you do still have to invest to develop the new stuff but I think it is a good balance and will keep overall costs down. It is a collaborative effort led by the ACO and FIA and they have the vision for which direction it has to go so I think it is good."

Seidl has confirmed Peugeot were involved in the talks about the 2020 regulations and despite not seeing it as paramount to regain a third manufacturer in LMP1 after the exit of Audi last year Porsche would welcome the increased competition for the health of the sport.

"The discussions were not just between us and Toyota, the ACO and FIA always had other manufacturers involved in the discussion, we know Peugeot were involved in these talks," he said. "There was an agreement between all of us on a number of topics so we think we have everything we wanted to have on the table.

"It is not a definite condition for Porsche to have a third manufacturer in the class but I think for all of us, the fans and the media, it makes the competition better with an additional manufacturer on board.

"It is a great loss that Audi is not here with us but we have seen this championship can work with only two manufacturers as long as we put up a great battle. The more manufacturers taking part the better it will be."

Peugeot competed in the top level of world endurance racing between 2007 and 2012 before withdrawing, citing lower car sales and the economic downturn as its reason for exiting.