F1 boss, Chase Carey issues an update following his meeting today with the FIA and all ten team principals, confirming that teams will continue to use their 2020 chassis again in 2021.

Other than the news that the cars will essentially remain unchanged - aero development will be allowed - the other significant move is that FOM can revise the 2020 race schedule without the teams' approval.

"During this exceptional time and following several race postponements and the World Motorsport Council’s (WMSC) unanimous decision to move the Formula 1 Summer break forward to March and April, we and the FIA discussed with the teams the need for extra flexibility to accommodate a rescheduled season once the COVID-19 situation improves," he said in a statement.

"At the meeting there was full support for the plans to reschedule as many of the postponed races as possible as soon as it is safe to do so. Formula 1 and the FIA will now work to finalise a revised 2020 calendar and will consult with the teams, but as agreed at the meeting the revised calendar will not require their formal approval. This will give us the necessary flexibility to agree revised timings with affected race promoters and to be ready to start racing at the right moment.

"In addition, as announced by the FIA, it was agreed unanimously at the meeting that the implementation of the Technical Regulations due to take effect from the 2021 season will be postponed until 2022.

"Due to the currently volatile financial situation this has created, it has been agreed that teams will use their 2020 chassis for 2021, with the potential freezing of further components to be discussed in due course. The introduction and implementation of the Financial Regulations will go ahead as planned in 2021.

"We are all very grateful for the collaborative nature of the discussions and fully united approach from all parties to get racing in 2020 as soon as the current global situation subsides. Formula 1 remains fully committed to launching a 2020 season as soon as possible."