Formula 1
Formula 1
28 Mar
Event finished
R
Emilia Romagna GP
18 Apr
FP1 in
3 days
R
Portuguese GP
02 May
FP1 in
17 days
09 May
Next event in
23 days
23 May
Race in
40 days
R
Azerbaijan GP
06 Jun
Race in
54 days
13 Jun
Race in
62 days
27 Jun
Race in
75 days
04 Jul
Next event in
79 days
18 Jul
Race in
96 days
R
Hungarian GP
01 Aug
Race in
110 days
29 Aug
Race in
138 days
05 Sep
Race in
145 days
26 Sep
Race in
166 days
R
Singapore GP
03 Oct
Next event in
170 days
10 Oct
Race in
180 days
R
United States GP
24 Oct
Race in
195 days
31 Oct
Race in
202 days
R
Australian GP
21 Nov
Race in
222 days
R
Abu Dhabi GP
12 Dec
Race in
243 days

All 10 F1 teams sign new Concorde agreement

Formula 1 has announced that all 10 teams have signed the new Concorde Agreement, committing to the sport from 2021 to 2025.

All 10 F1 teams sign new Concorde agreement

F1 has been engaged in long-running talks with teams in a bid to finalise the new commercial terms that will replace the existing Concorde Agreement at the start of next year.

An early-sign deadline was set of August 18 for teams to put pen to paper on the new terms, which focused on a more equitable distribution of prize money and a revised governance structure.

Despite some concerns being aired by the likes of Mercedes in recent weeks over where negotiations stood, most teams confirmed over the Spanish Grand Prix weekend they were close to being in a position to sign the new agreement.

This was followed by formal confirmation from Ferrari, McLaren and Williams on Tuesday they had signed up to the new Concorde Agreement, confirming their places on the grid for next year.

The FIA and F1 announced on Wednesday morning that all 10 teams have met the early-sign deadline, completing the Concorde Agreement arrangements for the 2021-25 period.

“The FIA and Formula 1 can today confirm that all ten teams have agreed to the new Concorde Agreement,” a joint statement reads.

“This follows extensive discussions over the past twelve months with all teams, Formula 1, and the FIA.

“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 fans want to see more of.

“Closer racing will attract more fans to the sport, benefitting every team, and continuing to increase the global growth of Formula 1.”

F1 had been aiming to resolve the new Concorde Agreement talks at an earlier date, only for the COVID-19 pandemic to force discussions to be suspended.

F1 CEO and chairman Chase Carey said he was glad that the terms had been finalised in a swift fashion, and felt they pave the way for a more sustainable future for the sport.

“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,” Carey said.

“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.

“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 10 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.

“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.” 

Read Also:

shares
comments

Related video

FIA confident that engine mode rule can be policed

Previous article

FIA confident that engine mode rule can be policed

Next article

Turkey set for place on final 17-race F1 calendar

Turkey set for place on final 17-race F1 calendar
Load comments

About this article

Series Formula 1
Author Luke Smith
The 'new' F1 drivers who need to improve at Imola Prime

The 'new' F1 drivers who need to improve at Imola

After a pandemic-hit winter of seat-swapping, F1 kicked off its season with several new faces in town, other drivers adapting to new environments, and one making a much-anticipated comeback. Ben Anderson looks at who made the most of their opportunity and who needs to try harder…

The delay that quashed Aston Martin’s last F1 venture Prime

The delay that quashed Aston Martin’s last F1 venture

Aston Martin’s only previous foray into Formula 1 in the late 1950s was a short-lived and unsuccessful affair. But it could have been so different, says Nigel Roebuck.

Formula 1
Apr 10, 2021
Verstappen exclusive: Why lack of titles won't hurt Red Bull's ace Prime

Verstappen exclusive: Why lack of titles won't hurt Red Bull's ace

Max Verstappen’s star quality in Formula 1 is clear. Now equipped with a Red Bull car that is, right now, the world title favourite and the experience to support his talent, could 2021 be the Dutchman’s year to topple the dominant force of Lewis Hamilton and Mercedes?

Formula 1
Apr 9, 2021
Is Formula 1 as good as it has ever been now? Prime

Is Formula 1 as good as it has ever been now?

For many, many years Formula 1 has strived to do and to be better on all fronts. With close competition, a growing fanbase, a stable political landscape and rules in place to encourage sustainability, 2021 is on course to provide an unexpected peak

Formula 1
Apr 8, 2021
How Williams’ new structure adheres to a growing F1 trend Prime

How Williams’ new structure adheres to a growing F1 trend

Williams held out against the tide for many years but, as MARK GALLAGHER explains, the age of the owner-manager is long gone

Formula 1
Apr 6, 2021
When a journeyman driver's F1 career lasted just 800m Prime

When a journeyman driver's F1 career lasted just 800m

Nikita Mazepin’s Formula 1 debut at the Bahrain Grand Prix lasted mere corners before he wiped himself out in a shunt, but his financial backing affords him a full season. Back in 1993 though, Marco Apicella was an F1 driver for just 800m before a first corner fracas ended his career. Here’s the story of his very short time at motorsport’s pinnacle.

Formula 1
Apr 4, 2021
How Raikkonen's rapid rise stalled his teammate's F1 career climb Prime

How Raikkonen's rapid rise stalled his teammate's F1 career climb

Kimi Raikkonen's emergence as a Formula 1 star in his rookie campaign remains one of the legendary storylines from 2001, but his exploits had an unwanted impact on his Sauber teammate's own prospects. Twenty years on from his first F1 podium at the Brazilian GP, here's how Nick Heidfeld's career was chilled by the Iceman.

Formula 1
Apr 3, 2021
The nightmare timing that now hinders Mercedes Prime

The nightmare timing that now hinders Mercedes

Mercedes and Lewis Hamilton took victory at the Bahrain Grand Prix despite, for a change, not having the quickest car. But any hopes of developing its W12 to surpass Red Bull's RB16B in terms of outright speed could not have come at a worse time.

Formula 1
Apr 2, 2021