F1 has confirmed that all of the 10 teams have signed the Concorde Agreement under the early signing deadline to get a bonus amount.
The August 12 deadline of early F1 Concorde Agreement signing was pushed to August 18 due to some legal changes, where the final date of August 31 remained unchanged. This is the first under Liberty Media for a period from 2021 until the 2025 season.
Among all, Mercedes and Racing Point, seemed to be the only ones to have some last-minute negotiations but from the former’s side, it was all good already by the F1 Spanish GP as Toto Wolff confirmed that they will be ready to sign it.
The early signing from F1 teams help them to have a bonus amount. The announcements of the signing was scattered with McLaren being the first, followed by Ferrari and Williams on Wednesday, as the sport on Thursday confirmed all 10 teams have done so.
Here’s what each F1 team said with the signing –
Zak Brown, McLaren: “Formula 1 has taken another important stride on the road to a sustainable, strong future with the new agreement. This is the right deal at the right time for the sport, its owners, its teams and, most of all, the fans.
“A more equitable sport is better for everyone: greater balance in the sharing of revenues among all the teams and clearer, simpler governance that cuts through vested interests and puts the sport first. This agreement will only make the F1 constructors collectively stronger in the long term.
“The new agreement complements and builds on the great work of F1, the FIA and all the teams during the past few months on the future financial, technical and sporting regulations. Everyone has had to give ground for the bigger outcome, which will be a more competitive, exciting and thriving Formula 1 for future generations, which in turn secures a healthy sport for both participants and fans alike.”
Louis Camilleri, Ferrari: “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.” The release also had quotes from Jean Todt and Chase Carey.
Claire Williams, Williams: “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.”
Haas: “Concorde agreement – SIGNED. We’ve committed to five more years in F1.”
Chase Carey, F1: “This year has been unprecedented for the world and we are proud that Formula 1 has come together in recent months to return to racing in a safe way. We said earlier in the year that due to the fluid nature of the pandemic, the Concorde Agreement would take additional time to agree and we are pleased that by August we have been able achieve agreement from all ten teams on the plans for the long term future of our sport.
“All our fans want to see closer racing, wheel to wheel action and every team having a chance to get on the podium. The new Concorde Agreement, in conjunction with the regulations for 2022, will put in place the foundations to make this a reality and create an environment that is both financially fairer and closes the gaps between teams on the race track.”
Jean Todt, FIA: “The conclusion of the new Concorde Agreement between the FIA, Formula 1 and all ten of the current teams assures a stable future for the FIA Formula One World Championship. Over its seventy year history, Formula 1 has developed at a remarkable rate, pushing the boundaries of safety, technology and competition to the absolute limits, and today confirms that an exciting new chapter in that history is about to begin.
“During the unprecedented global challenges currently facing everyone around the world, I am proud of the way that all of Formula 1’s stakeholders have worked together over the past months for the best interests of the sport and the fans to agree the pathway for more sustainable, fair and exciting competition at the pinnacle of motor sport.”
Here’s F1 with AWS to find out the fastest driver
More to come