Formula 1 CEO Chase Carey wants to see as many as seven of the current 10 teams capable of fighting for victories.

Since 1998, only six teams have won the championship with just two, Red Bull and Mercedes, claiming titles this decade (2010-2019).

Currently, the sport is preparing for a transformation from 2021 with a new $175m budget cap and other regulation changes designed to re-establish equality on the grid.

And Carey offered his vision on how he'd like F1 to be.

“If we went from three to six to seven competing [for victories] I think that’s an enormous change in a positive way,” he said in a conference call quoted by Motorsport Week.

“You’d like all 10 teams, everyone to have a shot, you’re always going to have favourites and underdogs, that’s probably good too.

“I don’t know if pure parity is the goal you strive for and it’s probably not realistic, but you want an underdog having a chance to win, but it’s about the quality of the teams, not the quantity.”

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Indeed, the Liberty Media chief continued a line that F1 has taken in recent weeks, insisting no new entries will be joining in the short-term despite two publicly voicing interest.

“Today we have 10 teams and historically we’ve had up to 12," he noted.

“I’m quite comfortable with 10. I think it’s a quality issue not quantity, obviously a certain quantity, but I think 10/11/12… today we have competition at the front among three teams and not 10 teams.

“I think if we are able to make a competition among 10 teams that’s the much bigger issue than realistically if we added an 11th and 12th team.

"We [would] just [be] making the group of seven that’s behind the group of three into the group of nine behind the group of three.

“I don’t think that’s doing a lot for the sport."

That being said, Carey was keen to stress the door is open to interested future team owners.

“We want to make the sport more exciting and inviting to potential new teams," he stated.

“We have a number of parties that have expressed an interest in the sport, I think they all want to see what are the rules are around the cost cap, see it finalised to know what they’re coming in to.”