What Is The New F1 Concorde Agreement

According to a Formula 1 press release, the new agreement “will reduce financial and course disparities between teams, help establish the conditions for competition and allow for closer races on the track that our fans want to see more.” The Concorde agreement is a contract between the International Automobile Federation (FIA), the Formula 1 teams and the Formula 1 group, which imposes the conditions under which the teams participate in the races and the sharing of television revenues and price. There were indeed eight separate agreements, all top secret: the first in 1981, the other in 1987, 1992, 1997, 1998, 2009, 2013 and the current agreement for 2021. However, the secret was broken by the famous race journalist Forrest Bond when the publication of the 120 page 1997 Concorde Agreement by RaceFax in late 2005. [1] On 19 January 2005, Ferrari announced that it had signed an extension of the previous contract, which expires on 31 December 2012. [4] On July 18, 2005, Red Bull also signed an extension[5] and Jordan/Midland two days later. [6] On December 7, 2005, Williams was the fourth team to sign a contract extension. [7] READ MORE: The cost cap for F1 2021 has explained – what has changed and why? The “real” independents McLaren and Williams were recently shaken when Formula 1 was divided into three factions (factory teams, linked and independent teams) and the benefits of an independent role were lost. But she and the smaller teams like Haas and Sauber (sorry Alfa Romeo), funded by individuals, will be sung by a broadcast undoubtedly fairer. And Red Bull is not in question to lose more of its senior team, because AlphaTauri can earn more. Negotiations on the terms of replacement for the 2013 agreement began as part of wider discussions on the future of sport in 2017, but a deadline has been extended until 31 October 2019 to reach an agreement. The agreement is expected to be concluded in January 2020. [14] was ultimately delayed due to the COVID 19 pandemic. [15] During the 70th weekend of the Grand Prix, Mercedes team chief Toto Wolff expressed his displeasure with the terms of the new agreement, which is expected to introduce a budget cap from the 2021 season and change the price distribution.

Wolff thought his team would be the hardest hit. [16] In response to this request, the deadlines for signing the agreement, which had been set for 12 August, were postponed by one week. [17] However, after talking with Chase Carey, Wolff changed his attitude and agreed to sign the new agreement. [18] The new Concorde agreement aims to protect the value of existing teams by requiring new entrants to pay $200 million, divided equally among 10 existing teams, in exchange for the right to share the turnover for the first year of the competition. So far, newcomers only get the prize from the second year of the competition. [19] “We are delighted to have reached an agreement between the 10 teams on the long-term plans for our sport by August,” said Chase Carey, F1 CEO.

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