Formula 1: All 10 teams sign new Concorde Agreement, committed until 2025

All 10 Formula 1 teams have committed to the sport until the end of 2025 after signing up to the new Concorde Agreement.

In a joint statement on Wednesday, F1 and the FIA said the deal will “secure the long-term sustainable future for Formula 1” with the new terms focused on a more equitable share of revenue and a revised governance structure.

The current Concorde Agreement – which is a tripartite deal between the teams, the governing body and the F1’s owners, Liberty Media – is expiring at the end of the year and F1 bosses have been in long-running talks with teams about the 2021-2025 period, which includes the sport’s next big rules overhaul.

Ferrari, McLaren and Williams were the first teams to confirm they had signed, but now the whole grid – including world champions Mercedes who had previously voiced concerns – have come to an agreement.

A statement from the F1 and the FIA read: “The agreement will secure the long-term sustainable future for Formula 1 and combined with the new regulations, announced in October 2019 that come into force in 2022, will reduce the financial and on track disparities between the teams, helping to level the playing field, creating closer racing on the track that our fans want to see more of.

“With closer racing we will attract more fans to our sport, benefitting every team, and continue to increase the global growth of Formula 1.”

The firm deadline for signing the Concorde Agreement was the end of August. F1 had hoped for an earlier conclusion, but the COVID-19 pandemic delayed talks.

“We said earlier in the year that due to the fluid nature of the pandemic, the Concorde Agreement would take additional time to agree and we are pleased that by August we have been able achieve agreement from all ten teams on the plans for the long term future of our sport,” said F1 chairman Chase Carey.

“All our fans want to see closer racing, wheel to wheel action and every team having a chance to get on the podium. The new Concorde Agreement, in conjunction with the regulations for 2022, will put in place the foundations to make this a reality and create an environment that is both financially fairer and closes the gaps between teams on the race track.”

FIA president Jean Todt added: “The conclusion of the new Concorde Agreement between the FIA, Formula 1 and all ten of the current teams assures a stable future for the FIA Formula One World Championship.

Source: Read Full Article