“This agreement will only strengthen the F1 constructors collectively in the long term,” said Zak Brown when McLaren officially committed beyond 2020. Further team announcements are expected
By James Galloway
Last update: 8/18/20 5:16 p.m.
Ferrari and McLaren are the first teams to confirm that they have signed the new Concorde deal – and will sign them into Formula 1 by 2025.
The prematurely revised deadline for the teams to sign the new agreement is said to have been August 18, with a fixed deadline at the end of the month.
With the expiry of the current Concorde agreement at the end of this year – the confidential tripartite contract between the teams, Formula 1 and the FIA, which sets out the financial conditions under which participants compete in addition to governance of the sport – F1 bosses have in a new vision for sport with a fairer share of sales to make the network more competitive and sustainable.
Ferrari, the only team to have appeared in every season of the World Championship, says the new deal will help make F1 “more attractive and spectacular”.
“We are delighted that we have once again joined the so-called Concorde Agreement, which will regulate Formula 1 for the next five years,” said Louis Camilleri, Ferrari’s Chief Executive Officer.
“It is an important step in ensuring the stability and growth of the sport. We are very confident that working with the FIA and Liberty Media can make Formula 1 even more attractive and spectacular, while maintaining its status as the ultimate technological challenge .
“Racing is in Ferrari’s DNA and it is no coincidence that Scuderia is the only team that has participated in every edition of the FIA Formula 1 World Championship and has become an integral and integral part of its success today, as in the past and beyond everything in the future. “
McLaren CEO Zak Brown announced the signing of the new document a little earlier in the day, saying: “With the new deal, Formula 1 has taken another important step towards a sustainable, strong future. This is the right deal with . ” The right time for the sport, its owners, its teams and, above all, the fans.
“A fairer sport is better for everyone: a more balanced ratio of income between all teams and clearer, simpler governance that cuts through interests and puts sport first.
“This deal will only make F1 constructors collectively stronger in the long run.
“The new agreement complements and builds on the great work by F1, FIA and all the teams over the past few months on future financial, technical and sporting regulations.
“Everyone had to give in to the bigger result that will be a more competitive, exciting and successful Formula One for future generations, which in turn will ensure a healthy sport for participants and fans alike.”
More teams are expected to make announcements soon. Ferrari and Williams have previously announced their willingness to register.
Mercedes boss Toto Wolff had said two weeks ago at the F1 anniversary GP that the F1 world champions were not yet ready to commit because “there are important clauses that need to be discussed with regard to governance and certain commercial aspects “which suggests that not all team bosses were as happy with the state of affairs as they publicly claimed.
However, at last week’s Spanish GP, Wolff said that “most of the clarifications we wanted to get had been discussed” and that they were now ready to sign the agreement themselves.
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