Mercedes motorsport boss Toto Wolff believes finding a "compromise" is the next step with the proposals laid out by Liberty Media for their vision of Formula 1 in 2021.

Last weekend in Bahrain, the sport's bosses put forward their ideas for potential changes they want to implement after the signing of a new commercial rights deal which will come into effect in three years time.

Though most of the details have been kept private, alterations to the financial structure, engines and cars were part of a five-point plan made public afterwards.

The main impact of those changes would be felt at the top teams, Mercedes, Ferrari and Red Bull with Liberty's aim being to reduce their spending with a budget cap as well as the revenue they receive.

That is partly why Ferrari chairman Sergio Marchionne has maintained a threat to pull the fabled Italian brand from F1 at the end of 2020, as well as over concerns that efforts to standardise certain parts could 'alter F1's DNA' as he has put it.

Mercedes have closely aligned with their rivals politically, with Wolff also admitting the company's future participation also isn't guaranteed, but the Austrian has been more rational in his approach on the topic.

“It’s the starting point for discussions," he told RaceFans of the proposals.

"We have been presented their case which is good and intelligent in many points of view, and are completely understandable from where they’re coming from.

"[Now] it’s about us presenting how see it and how we think it should be structured and then we are able to talk."

Though there is a feeling that the power of the manufacturers and top teams is being targeted by CEO Chase Carey and other Liberty bosses, Wolff also insists Mercedes doesn't see that as an insult.

"There is no bad feelings after the paper," he claimed.

"It was certainly important to know their vision and understand their strategy and now we are able to adjust accordingly and react.

“Liberty has certain challenges that [it] needs to sort out,” Toto added. “The sport needs to stay attractive with the competition on track.

"Of course revenue has to be more balanced in order to have more sporting performance. They need to make their growth strategy work and all that is logic to us and it was no surprise.

"Now it’s just for the benefit of F1, the sport we all love and we all want to see growing, [that we] can drive compromise."

Another influential figure that has been steadfast in his criticism of the new owners is the man they replaced at the start of 2017, former CEO Bernie Ecclestone.

He has lambasted the drive for a more level playing field insisting the financial bonuses which teams like Ferrari receive are a necessary part of having a successful sport.

Now, Mercedes non-executive chairman and triple world champion Niki Lauda has conceded he understands the Briton's frustration.

"Sure he is not pleased with how F1 is developing," the Austrian legend was quoted by F1i.com.

"While we're debating budget caps, we're tormenting people instead of giving them decent races!"

He has though played down claims Ecclestone is working with Ferrari on potentially creating a breakaway category.

There's no idea of it at all," Lauda insisted. "First of all, it's too far away.

"For now it's important to get on terms with Liberty Media so that we can all continue to be here in a reasonable way."