Formula 1 CEO Chase Carey acknowledges that the sport must agree to key aspects of the 2021 regulations before June of this year.
F1 is set to introduce a series of new rules for the 2021 season, with the cars set to receive aerodynamic and engine overhauls.
Changes are also being planned on the sporting side of operations, with commercial rights holders Liberty Media keen on reconfiguring the way money is distributed to each of the teams.
Speaking at a Liberty Media conference on Thursday, Carey admitted that “there are structures that lead us to want to have things in place by June.”
"We understand public markets would like to have all the terms as soon as possible. But we’re going to take the time necessary and make sure we get this right in alignment with our partners.”
“I’m not going to elaborate on specific deadlines for discussions with teams. They’re active, I had a number of meetings this week with teams so they are quite active
“We want to resolve these things, they are for 2021 so clearly there is still time there but I think all of us would like to have clear visibility to the future so we are looking to conclude those as quickly as we can.
“But it is true that certainly there are components of it that we would look to have in place by June. Although we certainly expect to advance things before then.”