All F1 teams sign Concorde contract

LONDON • Formula One's 10 teams have committed to the sport until at least the end of 2025 by putting their signatures to a new commercial Concorde Agreement.

The current agreement, which sets out the terms under which teams race and the share of revenues, is set to expire at the end of this year.

F1 and the governing FIA yesterday said in a joint statement the agreement will secure the long-term sustainable future for the sport and reduce the financial and on track disparities between the teams.

"This year has been unprecedented for the world and we are proud that Formula One has come together in recent months to return to racing in a safe way," F1 chairman Chase Carey said.

Negotiations over a new Concorde Agreement had been put on hold due to the Covid-19 crisis that hit the teams and sport financially.

F1's three oldest and most successful teams - Ferrari, McLaren and Williams - were the first to sign with rights holders Liberty Media and the FIA on Tuesday, with the seven other teams following suit yesterday.

"This is the right deal at the right time for the sport, its owners, its teams and, most of all, the fans," said McLaren chief executive Zak Brown in a statement.

"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," added Brown, whose team have competed in F1 since 1966.

Mercedes were also on board despite earlier resistance, with team boss Toto Wolff saying the new agreement hurt his team the most financially while Ferrari had "maintained an advantageous position".

Ferrari chief executive Louis Camilleri said it was an important step to ensure the sport's stability and growth.

"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," he said in a statement.

Ferrari are the only team to have raced in every season since the first in 1950. The Italian team have won 16 constructors' titles and 15 drivers' crowns.

REUTERS