Formula 1 CEO Chase Carey believes a planned tweaking of the engine formula post-2020 and efforts to reduce the financial inequality can lead to greater competition in the sport, suggesting they are currently too influential.

The introduction of the current turbo-hybrid units in 2014 saw a radical shift as engine performance became the main performance dictator after a long period of aero-dominance.

That changed slightly this year with the introduction of new design rules increasing the importance of downforce but still the gap between Mercedes and Ferrari at the front and Renault and Honda behind means superior engine power still usually equates to better competitiveness.

As for possible changes to the power units, talks have begun between Motorsport Managing Director Ross Brawn, the FIA and manufacturers both current and potential.

There is some debate with the major carmakers wanting the hybrid aspect to remain a key part but early speculation suggested a twin-turbo V6 and the removal of the MGU-H in the ERS, leaving just the MGU-K or as it was previously known KERS.

Commenting on Liberty Media's first half year in charge, since completing their takeover in January, Carey told Germany's Auto Bild: "We are already putting some initiatives in place.

"One is the new engine. Hats off to Mercedes, who mastered what we have now, but the difference in performance is too great,” he claimed. “So we want to simplify things with the motto: louder, cheaper, better.”

As for costs, the man who replaced Bernie Ecclestone added: "There are teams that spend $500 million a year right now, while for others it's $100m,” he said. “This hinders and distorts the competition.

"The goal must be that the teams can make money in the sport, but the truth is that at the moment no team is making a profit."

Carey has since shed some more light on the path by which the Formula 1 Group wants to address the financial viability of the sport but insists any effort mustn't change the fundamentals of F1.

"There are many paths to get there, whether it's cost caps or other ways to address key components of the car," he claimed.

"We're not looking to standardise the car - we think it is very important to continue to have a sport that is competition married to state of the art technologies and we're not looking to dumb the cars down, but I think we can standardise components of it.

"We are certainly looking for ways to address what some of the teams in particular spend," he continues

"That would improve the overall economics of the business and enable everybody in it to benefit, as well as improving the competition."