Williams admits future looks "bleak" without F1 plan

Chase Carey and Ross Brawn outlined key points of their plan to the teams, including a redistribution of income between the teams from 2021, as well as efforts to cap costs and reduce spending – both of which are good news for the likes of Williams, Force India, Sauber, Haas and Toro Rosso.

"I was extremely positive about today's meeting, I have to say," said Williams. "I think we've all hoped for change, under our new management, and I think today they presented change.

"For a team like ours, based on what they presented, it was an extremely good day for us.

"I came back thinking, 'Let's crack open some champagne,' because from our perspective if we can get these new regulations through and if Liberty or FOM do everything that they say they're going to do that they presented this morning, then from our perspective I know that Williams' future is safe.

"That's not to say we were on the brink or anywhere close, but today's sport, the way it's structured, and with the financial disparity between teams, then the likelihood of Williams's survival in the medium or long term is looking pretty bleak.

"Everything they presented from revenue distribution, cost caps was absolutely everything that we want to see in 2021 and beyond."

Big teams will be impacted, says Force India

Force India deputy team principal Bob Fernley agreed that the plans have a lot to offer the midfield teams.

He acknowledged that the proposals will be much harder for the big players, especially Ferrari and Mercedes, to digest.

"I think from our side obviously it's very encouraging, the direction it's going in," he told Motorsport.com.

"We're keen to support it. We have to respect that the bigger teams have to make the biggest changes, and we have to help in that process.

"However, it can't be just a one way deal as it was a few years ago, when we were basically given a fait accompli [on current revenue deals.]

"We have to respect their position, and help them with that, because it's not easy.

"Overall if the direction becomes healthier, and the values of the teams become stronger, then it's good for everybody. And that's what Liberty and the FIA are trying to achieve."

Fernley is confident that controlling costs and spending will be policeable, despite doubts having been expressed in the past.

"I think the idea of introducing cost controls is good. It could be financial caps, or regulatory, both sporting and technical, with some standardisation – there could be a number of things that could make the whole thing work.

"I think they're doing a very good job if it, and Ross and his team fully understand it. The financial guys who have been brought in are on top of their game as well."

Sauber boss Fred Vasseur stressed that the sport needs to protect the smaller teams, while cautioning that 2021 is still some distance away.

"We have to find a way to manage the two or three next seasons," he noted. "It's not easy because the business, as it is today, is not sustainable. But at least we have the light at the end of the tunnel.

"It's the start of the discussions. I don't want to create any polemics, the most important thing for me is to achieve it. We are all in the same boat.

"We won't have F1 without big teams, but we won't have F1 with just two teams on the grid. At one stage we have to find a common approach."