F1 news: FIA reveals 2021 car and new regulations for the future

The Formula 1 season is coming to an end with just three races left in the campaign. Lewis Hamilton is on the verge of lifting his sixth Formula 1 World Championship after the race in Austin, Texas. The 2021 season of Formula 1 racing will witness a lot of changes for teams and drivers. The governing body Federation of the motorsport Internationale de l'Automobile (FIA) revealed the car for the future and new regulations amid great fanfare on Thursday in Austin. 

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FIA: 2021 car and F1 regulations 

The new change in the motorsport is aimed at producing closer and cheaper competition.

1) The new technical, sporting and financial rules include a budget cap of $175 million for each team, about half what some of the top outfits such as Mercedes, Ferrari or Red Bull spend at present but still much more than some others can muster.

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2) Driver salaries, marketing costs, non-Formula One activities and the wages of a team's three highest-paid executives will not be included in the cap.

3) The revamp follows two years of discussions between teams, governing body and U.S.-based commercial rights holders Liberty Media and other stakeholders.

4) They were earlier approved unanimously by the governing FIA's World Motor Sport Council, with talks continuing over governance and profit-sharing. 

5) Apart from the restructuring of financial regulations, cars will attract the most attention. It will be some 25kg heavier, with simpler front wings, no bargeboards and bigger wheels.

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F1 news: Drivers' reaction to the new changes 

Ferrari driver Sebastian Vettel said that on paper, the ideas are always great but he thinks it will materialise a little bit more in the coming weeks. He also said that he would have liked a different engine. No matter how they look, if they are fun to drive and allow them to follow closer than that will be a success.

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Red Bull star Max Verstappen has said that at the end of the day it doesn't matter what the car looks like as long as it gives them better racing. He also added that the drivers want to be within two seconds, three seconds of what they are doing now definitely if it is going to be four or five that is not what they want because that just feels too slow.