It has been a busy afternoon in the world of Formula One.

As preparations for the United States Grand Prix get underway ahead of the weekend, officials of the sport have been holding a press conference revealing the big news with regards to the sport and its future.

It's been very well documented that major changes are coming to F1 in 2021, and today was the first big step towards that change as Chase Carey announced plans for the future.

Not only were images released for the first time with regards to how the cars will look in 2021, new regulations were also laid out by Carey and co.

The change is coming in order to help grow the popularity of the sport around the world, especially considering they have a Grand Prix on every continent these days.

Now, the F1 teams, drivers and even the fans of the sport can get prepared for the future, and today's press conference has given a big inside look at to how the sport will change over the next few years.

During the live presser in Austin, F1 revealed that the 2021 regulations will include the following:

• Cars that are better able to battle on the track.
• A more balanced competition on the track.
• A sport where success is determined more by how well a team spends its money not how much it spends – including, for the first time, a fully enforceable cost cap ($175M per season) in the FIA rules.
• A sport that is a better business for those participating and more attractive to potential new entrants.
• A sport that continues to be the world’s premier motor racing competition and the perfect showcase of cutting-edge technology

Speaking in the conference, Carey said the following about the sport's future: "Formula 1 is an incredible sport with a great history, heroes and fans all over the world.

“We deeply respect the DNA of Formula 1, which is a combination of great sporting competition, uniquely talented and courageous drivers, dedicated teams and cutting-edge technology.

"The goal has always been to improve the competition and action on the track and at the same time make the sport a healthier and attractive business for all.

“The approval of the rules by the World Motor Sport Council is a watershed moment and will help deliver more exciting wheel-to-wheel racing for all our fans.

"The new rules have emerged from a detailed two-year process of examining technical, sporting, and financial issues in order to develop a package of regulations."