F1 | Ferrari and Williams confirm signing of the new Concorde Agreement
Following McLarens' announcement of Concorde Agreement signing, Ferrari and Williams also proceed to sign the Concorde Agreement spanning Formula seasons 2021-2025
Press releases from Maranello and from Williams F1 Team confirm that both has finally put ink to the new Concorde agreement covering the season 2021-2025. Several weeks ago, McLaren and Ferrari were the first teams to show their content with the new developing Formula 1 Concorde Agreement whereas, several teams showed their unhappiness and dissatisfaction with it - among them were reigning champion Mercedes Amg F1.
In press release from Ferrari their CEO said:
“We are pleased to have signed up again to what is commonly known as the Concorde Agreement, which will regulate Formula One for the next five years. It is an important step to ensure the stability and growth of the sport.”
“We are very confident that the collaboration with the FIA and Liberty Media can make Formula One even more attractive and spectacular, while preserving its status as the ultimate technological challenge.”
“Racing is in Ferrari's DNA and it is no coincidence that the Scuderia is the only team that has participated in every edition of the FIA Formula One World Championship, becoming an integral and essential part of its success, today as in the past and, above all, in the future.”
Claire Williams, Deputy Team Principal of Williams Racing said:
“The new Concorde Agreement represents a major step forward, for both Formula One and Williams. As one of the sport’s longest running teams, we are pleased to see the future direction of Formula One confirmed for the next era of racing."
"Our expectation, aligned with Liberty Media, is that this next era will be characterised by closer and more exciting racing as a result of the new platform of regulations, which include more equitable revenue distribution and a first ever cost cap for our sport."
"The Agreement is a major milestone in the development of Formula One, and also represents a significant opportunity for Williams to continue on our journey back towards the front of the grid.”
The agreement, which was signed with the Fédération Internationale de l’Automobile (“FIA”) and Formula One World Championship Ltd. (“Formula One”), defines the regulatory and governance aspects of the highest-level motorsport series. The commercial aspects are defined in the agreement between the Formula One Teams and Formula One.
About the agreement the early deadline of 12 August was pushed because of legal changes and today was the last date to sign the agreement with financial bonuses and last date to sign without financial bonuses is at the end of this month.
