- The big talking point today was F1’s bosses meet♐ing with team representatives to outline the future of the sport post-2020, with a press release from Liberty following not long after 𒊎its conclusion.

- While there weren’t any concrete details outlined, F1 did issue a five-point plan with a focus on a cost cap and a restructuring o𒊎f revenue payout being the biggest talking points.

- The meeting lasted for little over an hour. All teꦦams were allowed to send two representatives, although some only sent one. The FIA was also represented at the meeting desꦍpite the presentation being delivered by the commercial rights holder.

- The cost cap for 2021 has bee🦂n set at $150 million (£107m), although this will not include driver🦩 salaries and marketing costs. No plan was given to teams about how this cost cap would be policed.

- Those present at the meeting we🧸re asked not to divulge the finer details about the 2021 plans to journalists until they have been finalised. F1 officials will meet with all t✱eams individually to get an idea of where each stands and what their perspective is of the new rules.

- Ferrari is set to retain its individual bonus, although it is understood to have been cut𒉰. A new bonus will be introduced for engine manufacturers.

- Reaction was mixed through the paddock. Claire Williams said she wanted to “crack open some champagne” in reaction to the meeting, while Force India’s Otmar Szafnauer was also pleased with how it went. Sauber’s Frederic Vasseur was more reserved, wishing to see the finer details. Mercedes chief Toto Wolff was on a simila🌊r wavelength, but said particular points of the proposals woulꦉd be difficult to put into place.

- The main sporting ☂news of the day was that Lewis Hamilton will take a five-place grid penalty for the race after Mercedes fitted a new gearbox on his car. The gearbox was meant to last six events, but only made it through Australia, and was lucky to get to the finish in Melbourne due to the issue.

- Romain Grosjean, Kevin Magnuss🌊en and Marcus Ericsson are also racing with new gearboxes this weekend, permitted as th൲ey did not finish the last event in Australia.

- Ferrari was handed a €5,000 fine for the unsafe release of Kimi Raikkonen’s car 🐠in FP2. Raikkonen’s right-front wheel was not attached fully, forcing him to pull over at the side of the track with 15 minutes remaining in the session.

- Force India debuted its new front wing in FP1 on Friday, fitted to Sergio Perez’s car (given to him by virtue of being higher up the championship order than Esteban Ocon). Perez reportꦚed a shift in the balance of the car, and will make a decision on Saturday whether to keep it for the rest of the weekend or not.

- The new Formula 2 season begins on Saturday, with F1 juniors Lando Norris and George Russell locking out the front row of the grid. McLaren youngster Norris pipped Mercedes-backed Russell by just 0.05 seconds despite a mistake at the final corner, giving him pole in just his ꦑsecond F2 qualifying session.