Formula One teams heard a challenging vision of a cost-controlled and "Americanised" Formula One when new owners Liberty Media revealed their blueprint for the future on Friday. For the sport's two leading teams, Mercedes and Ferrari, the planned budget cap and revenue controls would mean, in all likelihood, a less dominant role in the sport.
After hearing the five-point plan, the team bosses of the two top teams immediately held a meeting of their own as Mercedes team chiefs Toto Wolff and Niki Lauda invited Maurizio Arrivabene of Ferrari to their hospitality building at the track in Bahrain. The meetings were held just hours ahead of Friday's opening free practice session for this weekend's Bahrain Grand Prix.
The long-awaited statement, covered five key areas: control of budgets and revenues, a new structure for governance, sporting and technical rules, engines, and overall costs.
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