All the teams have signed the Concorde Agreements

This is what we call a sigh of relief. After several months of negotiations and back-and-forths, the ten teams found common ground with the FIA ​​and Liberty Media, owner of the Formula 1 since 2017, to sign the famous Concorde Agreements.

Covering the period 2021-2025, these new agreements between all parties relate to the distribution of income and aim in particular to reduce the financial and on-track gap between all the teams so that they can fight on equal terms, or almost. . The Concorde Agreements also aim to ensure a long-term sustainable future for F1.
“This year is unprecedented for the whole world, and we are proud that Formula 1 has come together in recent months to return to racing safely. We said a few months ago that due to the fluctuating nature of the pandemic, it would take more time to find common ground on the Concorde Agreement, and we are pleased to have reached agreement in August of the ten teams on the plans for the long-term future of our sport", rejoices Chase Carey, boss of F1.

Same story from Jean Todt, president of the FIA, who highlights a very important moment in the history of F1: “During its 70 years of history, Formula 1 has developed at a remarkable pace. , improving safety, technology and competition to the absolute limit.

Today confirms that an exciting new chapter in this story is about to begin. As the entire world faces an unprecedented challenge, I am proud of how everyone in Formula 1 has worked together, in the best interests of our sport and the fans, to agree on the path forward: a more viable, fair and exciting competition at the pinnacle of motorsport.”