FILE PHOTO: Chase Carey, Formula One group CEO, delivers a speech during an official ceremony in Mexico City, Mexico August 8, 2019. REUTERS/Edgard Garrido
AUSTIN, Texas (Reuters) - Formula One presented a dramatic overhaul of the sport on Thursday with a new car and regulations aimed at producing closer and cheaper competition from 2021 as well as more exciting and environmentally-friendly racing.
The new technical, sporting and financial rules include a budget cap and represent the fruit of two years of discussions between stakeholders including teams, the governing FIA and U.S.-based commercial rights holders Liberty Media.
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