Formula 1 has officially revealed the all-new regulations for 2021 following ratification from the FIA.

Thursday was the deadline for a final agreement after the initial June deadline was extended, and at the Circuit of the Americas, Liberty Media held a press conference announcing the key changes.

The biggest changes have been well-known for some time with an all-new car to be introduced and a budget cap of $175m as part of a newly created set of financial regulations.

All of this is part of the goal to improve competitiveness and increase on-track action in F1 by reducing the financial inequality between the top and bottom teams and also designing cars which are less affected by turbulent air and, therefore, allow drivers to run more closely.

Though there is still uncertainty on whether all the current teams are onboard with the proposals, the two-year-plus process that has gone into producing the 2021 regulations, which has seen close collaboration with teams and even drivers on some aspects should be a positive sign.

The final proof will come in how quickly the teams will sign up to Liberty's F1 vision, with talks still ongoing on other details which have a later deadline such as Grand Prix formats.

Commenting on the confirmation of the new rules, however, FIA president Jean Todt was very positive.

“After more than two years of intense research and development, of close collaboration with our partners at Formula 1, and with the support of the teams and drivers, circuit designers, the single tyre supplier, Pirelli and all F1 stakeholders, the FIA is proud to publish today the set of regulations that will define the future of Formula 1 from 2021 onwards," the Frenchman said.

“It is a major change in how the pinnacle of motorsport will be run, and for the first time, we have addressed the technical, sporting and financial aspects all at once.

"The 2021 regulations have been a truly collaborative effort, and I believe this to be a great achievement. A crucial element for the FIA moving forward will be the environmental considerations – Formula 1 already has the most efficient engines in the world, and we will continue to work on new technologies and fuels to push these boundaries further.  

“What the FIA publishes today is the best framework we could possibly have to benefit competitors and stakeholders while ensuring an exciting future for our sport.”

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The success of the 2021 regulations will be a big factor in assessing Liberty's impact on F1, with the topic one of the first issues to fall on their desk after completing their takeover in 2017.

But with the work of respected former Mercedes boss Ross Brawn and others, CEO Chase Carey is confident what has been agreed will meet the concerns of everyone.

“Formula 1 is an incredible sport with a great history, heroes and fans all over the world," he began.

"We deeply respect the DNA of Formula 1, which is a combination of great sporting competition, uniquely talented and courageous drivers, dedicated teams and cutting edge technology.

"The goal has always been to improve the competition and action on the track and at the same time make the sport a healthier and attractive business for all. The approval of the rules by the World Motorsport Council is a watershed moment and will help deliver more exciting wheel to wheel racing for all our fans.

"The new rules have emerged from a detailed two-year process of examining technical, sporting, and financial issues in order to develop a package of regulations. We made many changes during the process as we received input by the teams and other stakeholders and we firmly believe we achieved the goals we had set out to deliver.

“These regulations are an important and major step, however, this is an ongoing process and we will continue to improve these regulations and take further steps to enable our sport to grow and achieve its full potential.

"In the next few weeks, we will be launching plans to reduce and ultimately eliminate the environmental impact of our sport and business. We have always been at the leading edge of the automobile industry and we believe we can play a leadership role on this critical issue, as well.”