F1 Teams sign agreement to lock in budget cap

Jean Todt and his wife

(GMM) The finalization of the highly contentious 2021 regulations has been officially delayed until the end of October.

Earlier, the strict deadline for the publication of the technical, sporting and financial regulations for the post-Concorde Agreement period was June.

But the teams are hopelessly split on a range of key issues, prompting the FIA to call a crisis meeting in Paris that took place on Thursday.

Lewis Hamilton and Nico Hulkenberg even attended the meeting at the governing body's headquarters at Place de la Concorde, after an invitation by Jean Todt prompted by recent critical comments made by a range of drivers.

"In the interests of the sport it was agreed that the best outcome will be achieved by using the extra time for further refinement and additional consultation," a statement said after the meeting.

What was also agreed, but not mentioned in the statement, is that Liberty Media asked the teams to sign an agreement promising to lock in certain agreed rules that benefit the smaller teams.

They include the $175 million budget cap, the standardization of certain parts, new parc ferme rules and free practice times, and the continuation of the current engines.

La Gazzetta dello Sport said that if the big teams break the agreement, Liberty will "unilaterally" announce the 2021 rules prior to the new October deadline.