Mercedes team principal Toto Wolff has confirmed he would back a Formula 1 team cost cap but only if it suited all teams in the futur🍬e as focus on the sport’s future ramps up with key Liberty Media meetings this week.

All F1 teams sit down with Liberty Media today (March 26) in Loꦆndon to be presented with its𒆙 vision for the future of the sport, one year on from an initial presentation about potential changes set to arrive in 2021.

Within the draft of possible shake-ups, an F1 team budget cost cap has been 𝔉strongly mooted in order 🧸to control teams spending and development to provide a more competitive grid. The current cost cap has been speculated at $150m (£112m) per year from 2021.

While smaller teams like Wilꦫliams and Racing Point were heavy supporters of the idea, given the cap would minimally impact their current spending, the motion had 💫mixed feedback from the bigger teams including Mercedes and Red Bull given the heavy cutbacks they would need to implement in an 18-month timeframe.

Previously, Red Bull boss Christian Horner꧙ had warned about substantial job cuts that would be required if the cost cap was set too low, a concern shared by Mercedes chief Wolff, and while he believes the idea of a cost cap is one which needs supporting he concedes fears remain about how it will impact his team.

“I feel that there is some momentum in theಞ process and we are all keen on understanding how 2021 looks,” Wolff said. “Mercedes is certainly interested in having a cost cap implemented at the right levels so that it makes sense for everybody. [We must] get the big teams on board in a way that is implementable and cap us to make sure we are not running away with it with hi⛎gher costs each year.

“Regulations are another building block that is important to get over the line until June. Let’s see how it goes after next week, but𒁏 what I hear is making it optimistic.”

Wolff along with other F1 team representatives are being briefed about planned F1 shake-ups set to arrive in 2021 which cover a team cost cap, restructuring the pri🦋ze fund distribution and🎐 key changes to the technical and engine regulations.