F1 regulations will now be moved to 2022 to soften the financial blow on the teams ©Getty Images

Formula One, the Fédération Internationale de l'Automobile (FIA) and the 10 teams on the grid have unanimously agreed to delay the technical regulations by a year to 2022.

The rules for the 2020 season, which has been postponed until June, will now extend to 2021.

The decision was made when concerns came about the financial burden put on teams with fewer races this year.

So far, the Australian Grand Prix has been cancelled as well as the Monaco Grand Prix, with the illustrious race being called off for the first time in its history.

Races in Bahrain, Vietnam, Spain, China and The Netherlands have also been postponed due to the ongoing COVID-19 pandemic.

The start of the season is now scheduled to begin in June with the Azerbaijan Grand Prix in Baku.

In a statement from the FIA, they said, "Due to the currently volatile financial situation this has created, it has been agreed that teams will use their 2020 chassis for 2021, with the potential freezing of further components to be discussed in due course.

"All teams expressed their support for the FIA and Formula One in their ongoing efforts to restructure the 2020 calendar as the global situation regarding COVID-19 develops."

However, regulations to tighten team finances will still come in next year to make cost savings in the sport.

It has a knock-on effect on the drivers, with many contracts expiring at the end of the season to coincide with the beginning of new regulations.