The official Formula 1 press release read:
From 2021 onwards, Formula 1 will have:
– Cars that are better able to battle on track
– A more balanced competition on the track
– A sport where success is determined more by how well a team spends its money, not how much it spends – including, for the first time, a fully enforceable cost cap (175m dollars per season) in the FIA rules
– A sport that is a better business for those participating and more attractive to new participants
– A sport that continues to be the world’s premier motor racing competition and the perfect showcase of cutting edge technology