All F1 teams sign up for new Concorde Agreement
Formula One and the Fédération Internationale de l'Automobile have today announced that all F1 teams have agreed to the new Concorde Agreement that will come into force in January 2021.
After the sport confirmed yesterday that McLaren, Williams and Ferrari have signed up for the new Concorde Agreement, it has released a statement, announcing that all teams have agreed to the new contract.
The Concorde Agreement is the commercial contract between the Formula One Group, the Formula One teams and the Federation Internationale de l’Automobile dictates the terms by which the teams compete in races and how the television revenues and prize money is divided. The first Concorde Agreement was signed in 1981, named after the plaza in Paris where the discussions took place.
The current agreement runs out at the end of 2020. The global Covid-19 outbreak created huge uncertainty around the entire world and it has also affected Formula One. After a small delay, teams carried out their talks with the FIA and Formula One to finalize the new Concorde Agreement.
FIA Preseident Jean Todt was delighted to see teams sign up for the new agreement that will secure the long-term future of the sport.
“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. Over its seventy year history, Formula 1 has developed at a remarkable rate, pushing the boundaries of safety, technology and competition to the absolute limits, and today confirms that an exciting new chapter in that history is about to begin.”
The Frenchman was particularly happy that teams, the FIA and Formula One could reach an agreement in the current coronavirus-affected difficult times.
„During the unprecedented global challenges currently facing everyone around the world, I am proud of the way that all of Formula 1's stakeholders have worked together over the past months for the best interests of the sport and the fans to agree the pathway for more sustainable, fair and exciting competition at the pinnacle of motor sport.”
Commenting on the announcement, Formula One Chairman and CEO Chase Carey said: “This year has been unprecedented for the world and we are proud that Formula 1 has come together in recent months to return to racing in a safe way.
„We said earlier in the year that due to the fluid nature of the Formula 1 statement on Concorde Agreement 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.
„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,” he said.
