Formula 1's commission and the FIA has unanimously agreed that an engine freeze will be put in place for 2022 whilst a proposed salary cap and Sprint race format still yet to be decided upon.
A potential engine freeze was lobbied by Red Bull Racing after the departure of Honda after the Russian Grand Prix and with its agreement, it will see the Milton Keynes based team take over Honda's engine programme for both Red Bull and its sister team Alpha Tauri.
It's great news for the Constructors' Champions from 2010-2013 as had this agreement not happened, they could have ended up exiting the sport. It means they'll have engines until 2024 before new power unit regulations come in when 2025 arrives.
The proposal was unanimously agreed on by all ten teams despite an initial lack of support by the teams when the idea was first proposed at the end of last year.
Ferrari will need to improve quickly in the horsepower department before the freeze comes into effect after a difficult 2020 season.
The controversial idea to bring in Sprint races for three race weekends of this season's championship has not been agreed as of today although the teams have expressed willingness to look into the idea but wish to have more time to look into further details on the proposed Sprint race as well as its potential pitfalls.
In a statement on their official website, the FIA said: ''All teams recognised the major importance of engaging fans in new and innovative ways to ensure an even more exciting weekend format. There was, therefore, broad support from all parties for a new qualifying format at some races, and a working group has been tasked with creating a complete plan with the aim to reach a final decision before the start for the 2021 Championship.''