With two months before the 2021 regulations should be agreed upon, at least according to the official deadline, though the teams admit things are gradually coming together, there is still work to be done.

It comes as no surprise, as the regulations, which will not only cover the technical aspect of the sport, also encompass the financial side in terms of prize money distribution, bonuses and the budget cap.

While the smaller teams have seemingly been ready to sign on the dotted line for some time, basically because they have more to gain, it is the big guns who are dragging their heels.

Be it said bonuses, budget cap, prize money or the move towards more standardised parts "compromising" their DNA, as far as the big teams are concerned there is still some way to go.

"It feels like we're converging," says Christian Horner. "There are still a few elephants in the room but it feels generally like on all fronts we are converging in the right direction, so hopefully over the next few months something can get sorted."

"It's difficult because there are so many important balls in the air," added Toto Wolff, "whether it's prize fund redistribution or the cost cap, technical and sporting regulations and it is progressing slowly.

"We'd like to have it done sooner rather than later," he admitted, "and this is the joint objective of all stakeholders involved, the FIA, Formula 1 and the teams."

"With every meeting we iterate what the regulations are going to look like," said Otmar Szafnauer. "I believe there is a deadline of mid-year for something to be published and I think we're getting closer now.

"The FIA have asked the teams for feedback, which we've given. There are still some outstanding issues on some components that will either be supplied or not and when we know more information then I think we'll get closer to that but mid-year something should be published."

"We really see the end of June as the deadline," said Cyril Abiteboul. "That is a necessary deadline for the sport, for the OEMs and for all teams really, to know what the future is holding and to start to make plans accordingly."

"I think that the versions that the FIA and FOM presented to us a few weeks ago, we were really pretty happy with," said Claire Williams, who, on being presented with the initial proposals over a year ago admitted she was ready to "crack open the Champagne".

"I know that there are a few things still being discussed at the moment, to clarify, but we'd be very happy when they come out to sign them."