Formula 1 will present its 2021 plans to all teams on March 26 in London, to trigger the next stage of develop♐ments to shape the sport’s future.

FIA President Jean Todt and Formulꦦa 1 chief executive officer Chase Carey confirmed in a joint press co🤪nference at the Australian Grand Prix the 2021 plans have reached a stage where it can present to all F1 teams and plot out its ideas on the future direction of the sport.

F1 hosts a Strategy ⛎Group and Commission meeting in London on March 26, five days before the Bahra🧜in Grand Prix, where the 2021 plans will be presented to all teams.

Todt says a full “global package” will be revealed including the new commercial, financial and sporting plans featuring a&nbsཧp;team cost cap which has alr𝕴eady received a mixed reception acorss the paddock.

“We will have a Strategy Group meeting on March 26 in London, and we will have also the F1 Commission on the same day,” To⛦dt said. “We shouldܫ be ready with the global package and the commercial side, financial side, which is the responsibility of Formula 1.

“We have the co💜st control, which is a new initiative which is quite well advanced. We have engine regulations which have been sent to ༺the teams a few days ago, and we have chassis regulations, and we have the governance.

“Those are all the different chapters on which we are working, and we should be in a position to have a finalised package to disc༺uss with the teams on March 26.”

Carey warned the team meetings will remai🐽n private in order to provide clarity but already acce🎃pts compromises will be needed on both sides to reach an agreement with all parties.

Mercedes, Ferrari and Red Bull have already voice🌞d concerns over the cost cap, which would potentially see the top three teams need to cut down its F1 operations, while overhauls to technical and engine regulations have also endured a mixed reception.

“I think those discussions are probably best not to have them on a stage with anꦿ audience,” Carey said. “I think they’re best had privately between us and the teams.

“I think we’ve made go♓od headway. I think there is a general agreement and direction that we’re heading with everything.

“You get into ♛the details, and if you’ve got 10 teams, you’ve got 10 different views of the details, so that’s part of what thrashing this out is. But it’s not un♏ique in the world to try and find the right compromises.”