As the F1 bandwagon pitches up in Bahrain for the second race of the year, developments off the track may have far-reaching consequences for the future of the sport.Liberty Media the US media conglomerate, who took over the running of Formula One in 2016, have already angered many fans of the sport by making various changes to long-running traditions including the decision to remove grid girls from race weekends and their latest set of proposals may only serve to further enrage race fans around the world.The American owners have outlined a radical plan to revitalize the sport after 2020 when the current Concorde Agreement which currently binds the sport together is due to expire.Among the many proposed changes which are just emerging from behind closed doors in Bahrain, the mooted cost cap plan has immediately sent Twitter into meltdown.Respected German F1 journalist Tobias Gruener has been tweeting updates during the course of the day about reported details from what appears to have been a dramatic meeting.He was also among the first to suggest that‏ there will be a $150m budget cap implemented. Although that might still sound like a more than manageable amount, for some of the bigger teams, including Ferrari, it may force them to cut staff members in order to stay in the sport.

That's if they actually have any desire to remain.

Tensions between F1 bosses and the Ferrari paddock have risen in recent months, with the Italian manufacturers unhappy at the direction the sport is heading.

And many fans think the reported budget cap could be enough to tip Maurizio Arrivabene and co. over the edge.

Here's how they reacted:

Despite those fears, Ferrari would retain the £70m heritage bonus for being the only team to contest in every season of F1 should they decide to continue.

The series of proposed radical changes will undoubtedly have far-reaching consequences for a sport that might almost be unrecognisable post-2020 from what we know today.

Will it lead to the death of the big teams or perhaps lead to greater equality and a more competitive racing environment? Let us know in the comments below!