Following their purchase of the commercial rights to the sport in 2017, Liberty Media announced their vision for the future of Formula One at the 2018 Bahrain Grand Prix. The proposal identified five key areas, including streamlining the governance of the sport, emphasising cost-effectiveness, maintaining the sport's relevance to road cars and encouraging new manufacturers to enter the championship whilst enabling them to be competitive. Liberty cited as their target date as it coincided with the need to renew commercial agreements with the teams and the end of the seven-year cycle of engine development that started in .