Concorde Agreement Terms

Mercedes team chief Toto Wolff had previously said the German automaker would be «the biggest casualty in terms of lost revenue,» but recent discussions with Careyexterner Link have made a breakthrough in «the clarifications we wanted to achieve.» The new agreement is a big step in the right direction for healthier sport, and while the teams are all contributing to it, Liberty deserves real recognition for the opportunity to do so. «The agreement is an important milestone in the development of Formula 1 and is also an important opportunity for Williams to continue our journey at the top of the starting list,» said Claire Williams, Williams` deputy director. After Ferrari, Williams and McLaren announced yesterday (Tuesday) that they had registered, Formula 1 announced that the remaining seven teams had also agreed to the new terms. Scuderia Ferrari is the only team to have participated in the Formula 1 World Championship every year from 1950 to the present day. With a fan community of over 400 million worldwide, Ferrari is the most successful team in terms of the number of drivers` titles (15) and designers (16) and wins at 238. On September 13, in Mugello, it will be the first team to reach the milestone of participation in 1000 Grands Prix. Maranello (Italy), August 18, 2020 — Ferrari N.V. (NYSE/MTA: RACE) announces that Ferrari S.p.A. today signed the two agreements that will govern the Scuderia`s participation in the FIA Formula 1 World Cup from 2021 to 2025.

The terms of the Concorde agreement are confidential, but some important details are known. Excessive special payments for several teams are over, with the exception of the reduction of Ferrari`s bonus for Ferrari. Jean Todt, FIA President: «We are delighted that Ferrari has signed the new Concorde agreement, the three-way agreement that ensures a stable future for the FIA Formula 1 World Cup. This is the highlight of motorsport, and it is of course that the most successful team that has ever been in this series, where it has always been a protagonist, should remain so in the years to come. Although the three leading teams Mercedes, Ferrari and Red Bull oppose the new rules. And openly threaten to «think about their future in Formula 1». You have agreed to the terms. Finally, the 2021 regulation is facing a major transformation. In a Formula 1 statement, «the agreement will ensure the long-term sustainable future of Formula 1 and, combined with the new rules announced in October 2019 and coming into force in 2022, reduce financial and distance inequalities between teams, improve the conditions of competition and create tighter races on the course, Of which our fans want to see more. After months, months and months of discussion and deliberation, the 10 Formula 1 teams have agreed on the terms of a new document known as the Concorde Agreement that binds them to the World Cup for another five years. . .

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