Formula 1 bosses have released a statement setting out their vision for the sport from 2021 after a meeting with all teams and the FIA on Friday in Bahrain.

By and large, the vision remains unchanged from that laid out last year, with changes to the financial and sporting regulations and structure, however, a few more details of what is being proposed are coming out.

A budget cap of $150m is believed to be the first main proposal which would cut the expenditure of top teams like Ferrari, Mercedes and Red Bull by upto $100m in some cases.

What remains unknown is how such a cap would be enforced and the large impact is not likely to go down well, particularly with the top two teams.

Financially, changes to the revenue distribution are to be made based on "meritocracy" and "reward success" but will be done so in a more "balanced" way.

Bonus payments for historical teams will remain, though at least in Ferrari's case rumours are they will see a cut, and support will be offered to engine and car suppliers.

A major area has been potential changes to the engines and here details remain slim with only a vow to make the units simpler, cheaper and noisier with the goal of reducing penalties.

Nothing on the proposal revealed last November has been included but a goal to remain road relevant, attract new manufacturers and accommodate current suppliers is.

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Finally, the cars are to change with the aim of allowing closer racing and a greater number of parts is to be standardised as well as part of the cost reduction effort. 

However, a commitment to ensure each car is individual to each team is mentioned in areas such as aerodynamics, suspensions and engines and increasing the role of the driver in determining performance has been emphasised.

All proposals have been agreed with the FIA and F1 bosses have now put the ball in each team's court as to whether they sign on or pull out, as Ferrari and Mercedes have threatened to do.

“Formula 1 is a sport with a rich history. We want to preserve, protect and enhance that history by unleashing F1s potential, by putting our fans at the heart of a more competitive and more exciting sport," CEO Chase Carey commented.

"We are driven by one desire: to create the world’s leading sporting brand. Fan- centred, commercially successful, profitable for our teams, and with technological innovation at its heart.”