Bahrain - Formula One today presented teams with a vision for the sport after 2021 that included louder and more muscular power units, the implementation of a cost cap and more balanced distribution of revenues.
Formula One published a five point plan, outlining key initiatives put to teams ahead of the opening practice for Sunday's Bahrain Grand Prix.
The meeting had been anxiously awaited, with Ferrari - the sport's oldest and most successful team - repeatedly warning since last year that they could ultimately walk away from the sport if they did not like what was on offer.
Formula One said future power units (PU) needed to be "cheaper, simpler, louder, have more power and reduce the necessity of grid penalties."
The engines must also remain road relevant for manufacturers, and hybrid, with the rules making it attractive for new entrants.
On costs, Formula One said that "how you spend the money must be more decisive and important than how much money you spend."
It gave no details about any cap, but it’s understood that it is intending a $150-million budget cap per team. Liberty claims the redistribution of prize money will leave teams so much better off that even the smallest will only need to raise around $30-million in sponsorship in order to reach the $150-million limit.
Ferrari would continue to receive a special historic bonus - though reduced from $100-million to $50-million - while all the engine manufacturers would also receive a bonus.
"The new revenue distribution criteria must be more balanced, based on meritocracy of the current performance and reward success for the teams and the commercial rights holder," the statement added.
Formula One said overtaking opportunities needed to be increased and driver skill needed to be the "predominant factor" in the car's performance.
While cars must remain different from each other, areas not relevant to fans needed to be standardised, Formula One said.
"Formula 1 is a sport with a rich history," said F1 boss Chase Carey in a statement. "We want to preserve, protect and enhance that history by unleashing F1's potential, by putting our fans at the heart of a more competitive and more exciting sport."
The F1 teams have yet to react.