To say that better men have tried might sound contentious, but one has to wonder how Chase Carey and his gang will succeed where the likes of Max Mosley and Bernie Ecclestone failed.
For as long as anyone can remember, the sport's powers-that-be, and a number of its participants, have sought some form of curb on spending that might level the playing field and prevent the spending wars we have witnessed so many times over the years.
Less than two years into its management of the sport, Liberty Media believes it has the solution that will satisfy everyone, a budget capping system that can be properly policed, the scrapping of numerous team bonuses and a more equal spread of the prize money.
Though the small teams have made no secret of the fact that they welcome the move - including former grandees such as McLaren and Williams - the bigger teams remain unconvinced, and therefore there remains a long way to go.
However, talking to the official F1 website, the sport's technical boss, Ross Brawn, insists that the budget cap in "on schedule" to be introduced in 2021.
"We are having pretty constructive discussions with the teams," he said. "Unlike previous initiatives, this budget cap is going to be embedded in the regulations of the sport."
"The fairer distribution of revenues among the teams is balanced out by the reduction in costs particularly by the big teams, so their bottom lines will be improved," he adds. "If we follow the budget cap proposals, I can't see a team in F1 which won't be better off."