F1 | All ten teams sign the new Concorde Agreement
After a twelve months-long discussion, Formula 1 and the FIA confirm to have reached an agreement with each of the ten teams on the grid.
The 2020 Concorde Agreement has now been signed by every team on the grid.
The new deal, now valid until 2025, concerns many aspects the FIA and Liberty Media have been planning in the recent past: sustainability, closer racing and reducing financial disparities have been the talking points for this year’s Concorde agreement.
Yesterday Ferrari, Williams, and McLaren have been the first three teams to sign the paper. Today, on Wednesday the 19th, the other seven constructors have followed suit.
There was a bit of uncertainty concerning Mercedes, with Toto Wolff openly not fully happy with some of the talking points. The FIA apparently managed to quickly overcome the issues, since it didn’t take long to collect the Silver Arrows’ signature as well.
The Federation is thankful towards each one of the teams for their cooperation and engagement as “All teams put in place an important foundation for the long-term future of the sport”.
Chase Carey, Formula 1’s Chairman and CEO, underlines how the new Concorde Agreement “in conjunction with the regulations for 2022, will put in place the foundations to make closer racing a reality, and create an environment that is both financially fairer and closes the gaps down between teams on the racetrack”.
FIA's President Jean Todt is satisfied as well, being “proud of the way that all Formula 1’s stakeholders have worked together over the past months for the beast interest of the sports and the fans, during such unprecedented global challenges”.
The teams, Todt explains, have agreed “on the pathway for more sustainable, fair and exciting competition at the pinnacle of motor sport”.
This was 🍿@emirates #FlyEmiratesFlyBetter #SpanishGP 🇪🇸 pic.twitter.com/wapx0WwWYW
— Formula 1 (@F1) August 18, 2020
